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USDCAD: Weak finishing
2023-07-11
755
Fundamental analysis:
USD/CAD remained volatile around 1.32783. Economic data showed strong economic growth in Canada, continued tight labor market and underlying inflation remained high. After holding fire for five months, the Bank of Canada raised interest rates to a 22-year high of 4.75 percent in June, saying monetary policy was not restrictive enough.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: the short-term momentum has fallen sharply from a high level and then sorted out. Although the short-term decline has stopped, the downward trend remains, and the market is shrouded in bearish sentiment. The MACD indicator is in the bullish area and slowly moves down to the 0 axis. The RSI indicator is below the 50 balance line Weak side wandering;
Resistance levels: 1.33008 1.33158
Support levels: 1.32589 1.32424
Trading strategy: bearish below 1.32827, target 1.32589 1.32424
Alternative strategy: bullish above 1.32827, target 1.33008 1.33158
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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