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USDCAD: Upside is getting weaker
2022-09-28
1331
Fundamental analysis:
Oil rose about $2 a barrel on Tuesday from nine-month lows a day earlier, supported by supply constraints in the U.S. Gulf of Mexico ahead of Hurricane Ian and the dollar retreating from its strongest level in 20 years.
USD/CAD USDCAD daily chart:
A brief technical analysis:
From the daily chart: the short-term exchange rate was weak and then fell slightly. MACD was running on the 0 axis and the volume was slightly increased. The RSI overbought area was weak on the upside.
Long-short turning point: 1.3450
Resistance: 1.3650 1.3850
Support level: 1.3250 1.3050
Trading strategy: Bullish above 1.3450, target price at 1.3650, 1.3850
Alternative strategy: bearish below 1.3450, target price at 1.3250, 1.3050
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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