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USDCAD: There is still room for the upside

Fundamental analysis:

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

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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