USDCAD: There is a callback demand in the short term

Fundamental analysis:

The rebound of crude oil futures on Wednesday may only be temporary, because the macro fundamentals (i.e. the dollar) temporarily affected the market trend. The implied volatility of crude oil has recently rebounded, indicating that this commodity will face a difficult period. If OPEC+announces production reduction before next week's meeting, oil prices may continue to rise. Recently, the intervention of policy makers in other markets has been the focus of media attention, which may bring some hope to oil bulls. In the case of weak global economic prospects and sluggish demand, OPEC+may reduce production. Last night, it was reported that Russia called on OPEC to reduce production by 1 million barrels per day

USD CAD daily chart:

Technical analysis:

From the daily chart, we can see that the short-term exchange rate has fallen sharply after the weak rise. MACD runs on the 0 axis and its volume can shrink slightly. The RSI overbought area starts to decline. It is expected that the short-term exchange rate will go up further after the reduction is sorted out.

Empty turning point: 1.3450

Resistance level: 1.3650 1.3850

Support position: 1.3250 1.3050

Trading strategy: bullish above 1.3450, with target prices of 1.3650 and 1.3850

Alternative strategy: bearish below 1.3450, with target prices of 1.3250 and 1.3050