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USDCAD: wide range oscillation
2022-10-20
1150
Fundamental analysis:
The US dollar remained volatile against the Canadian dollar at 1.37596. The market predicted that the Bank of Canada would raise interest rates by 50 basis points on October 26, less than the previous meetings, but also revised the peak forecast of the benchmark interest rate.
USD CAD - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the short-term entanglement fluctuates in a wide range, and the market bulls begin to reorganize after moving up in a narrow range. The MACD index hovers under the 0 axis, and the RSI index is weak near the 50 equilibrium line;
Empty turning point: 1.37472
Pressing: 1.37859, 1.38146
Support: 1.37162, 1.36864
Trading strategy: bullish above 1.37472, target 1.37859, 1.38146
Alternative strategy: bearish under 1.37472, target 1.37162, 1.36864
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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