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USDCAD: within a narrow range
2023-01-03
1074
Fundamental analysis:
The U.S. dollar traded around 1.35343 against the Canadian dollar after the Group of Seven (G7) countries and the European Union, which includes Poland, agreed this month to set a price cap of $60 a barrel on Russian seaborne crude. In response, Russian President Vladimir Putin signed a decree on Tuesday banning the supply of crude oil and petroleum products to countries adhering to the price cap for five months from Feb. 1.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: In the short term, it will maintain a narrow range and move downward. The market’s short momentum remains, and there is no sign of stopping.
Long-short turning point: 1.35402
Suppression: 1.35551, 1.35697
Support: 1.35198, 1.35069
Trading strategy: bearish below 1.35402, target 1.35198, 1.35069
Alternative strategy: bullish above 1.35402, target 1.35551, 1.35697
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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