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USDCAD: strong pull up
2023-05-12
795
Fundamental analysis:
USD/CAD remains volatile around 1.34909, with continued downside risks to global growth conditions likely to squeeze prices into a range, requiring more concrete catalysts to push higher again. Concrete talks in the U.S. on raising the $31.4 trillion debt ceiling kicked off as Republicans continued to insist on spending cuts.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum is rising strongly, the market is shrouded in bullish sentiment, and there is a trend of continuing to climb in the short term. The MACD indicator is in the bearish area and moves upward to hover around the 0 axis. The RSI indicator is at the 50 balance line.
Resistance levels: 1.35166 1.35386
Support levels: 1.34534 1.34288
Trading strategy: Bullish above 1.34767, target 1.35166 1.35386
Alternative strategy: bearish below 1.37767, target 1.34534 1.34288
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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