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USDCAD: strong rise

Fundamental analysis:

USD/CAD remained volatile around 1.35587 as the market drew some support from forecasts of supply shortages in the second half of the year, although Iraqi Oil Minister Abdul Ghani said Iraq did not think OPEC+ would meet at the next meeting in June cut oil production further.

US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum is strong and rising, the short-term bullish sentiment is shrouded, the market is constantly rising, the MACD indicator is in the bullish zone and continues to rise, and the RSI indicator is in the bullish zone and moves up;

Resistance levels: 1.35838 1.36071

Support levels: 1.35266 1.35080

Trading strategy: Bullish above 1.35479, target 1.35838 1.36071
Alternative strategy: bearish below 1.35479, target 1.35266 1.35080

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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