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USDCAD: The shock moves up
2023-01-11
1035
Fundamental analysis:
USD/CAD remained volatile around 1.34228, as central banks are unlikely to rescue risky assets as they tighten policies to curb inflation. The market is more pessimistic about the dollar than the market consensus this year, and cautious about easing monetary policy too soon to avoid the risk of another price increase in the short term.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the low-level narrow-range shocks slowly move up, the market’s bullish sentiment begins to slowly wait for an opportunity to enter the market, the bullish momentum maintains an upward trend, the MACD indicator is in the short-term area and moves upward, and the RSI indicator is hovering weakly below the 50 balance line;
Long-short turning point: 1.34130
Suppression: 1.34436, 1.34675
Support: 1.33921, 1.33676
Trading strategy: Bullish above 1.34130, target 1.34436, 1.34675
Alternative strategy: bearish below 1.34130, target 1.33921, 1.33676
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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