Beijing time on Wednesday (September 14) in early Asian trading, the US dollar index traded around 109.92; the US dollar rose 1.5% on Tuesday, recording the largest one-day percentage increase since March 2020. The U.S. inflation data was stronger than expected. Boosting investor bets that the Fed will need to continue aggressive rate hikes.
USD/CAD USDCAD daily chart:
A brief technical analysis:
From the daily chart: the short-term exchange rate rises rapidly and then falls back slightly. The MACD is running on the 0 axis and the volume is slightly increased. The RSI tends to go up.
Long-short turning point: 1.2850
Resistance: 1.3030 1.3200
Support level: 1.2650 1.2450
Trading strategy: bullish above 1.2850, target price at 1.3030, 1.3200
Alternative strategy: bearish below 1.2850, target price at 1.2650, 1.2450