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USDCAD: Weakness in the upswing, trimming down
2022-09-05
1092
Fundamental analysis:
Oil prices rose on Friday on expectations that the OPEC+ alliance will discuss output cuts at its Sept. 5 meeting, although worries about a weakening global economy still hang over the market.
USD/CAD USDCAD daily chart:
A brief technical analysis:
From the daily chart: the short-term exchange rate rises rapidly and then falls back quickly. MACD is running on the 0-axis but the volume is slightly insufficient. RSI tends to be flat.
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
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