USDCAD: Wide amplitude vibration

Fundamental analysis:

The US dollar remained volatile against the Canadian dollar at around 1.37329. The more interest rate increases made by the Bank of Canada to moderate sustained inflation and curb inflation expectations, the greater the possibility of economic recession. The central bank has raised the policy interest rate by 300 basis points, and the market is betting that it will raise the interest rate by another 50 basis points to 3.75% on October 26. The interest rate will peak between 4.25% and 4.5% next year.

USD CAD - 4-hour K line chart shows:

Technical analysis:

The 4-hour chart shows that the market has not yet given the final direction guidance to maintain a wide range of shocks in the short term. The MACD indicator is at the bottom of the 0 axis, and the RSI indicator is at the bottom of the 50 equilibrium line;

Empty turning point: 1.37237

Pressing: 1.37566, 1.37859

Support: 1.36864, 1.36562

Trading strategy: bullish above 1.37237, target 1.37566, 1.37859

Alternative strategy: bearish under 1.37237, target 1.36864, 1.36562