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19.09.2024
USDCAD hit a one-week high
On Wednesday, USDCAD fell first and then rose, reaching a high of 1.3622, a one-week high.
The Bank of Canada was worried about the downside risks to the economy
On Wednesday, the minutes of the Bank of Canada's monetary policy meeting showed that the housing recovery may be faster than expected; some officials are more worried about the downside risks to the economy; weak demand may delay the digestion of excess supply; the central bank still believes that the upward risk of wages will push up service inflation.
USDX showed a V-shaped trend
On Wednesday, due to the Federal Reserve's 50 basis point interest rate cut, the USDX showed a V-shaped trend. It fell sharply during the session and once approached the 100 mark, and then strongly recovered most of the lost ground, and ended down 0.07% at 100.94.
The bullish market trend prevailed in the short term
the Chart of the Day
On the chart of the day, USDCAD was prone to fluctuation and climbed. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that USDCAD will rise further. Investors should focus on whether USDCAD will break through the resistance at 1.369, the upper resistance will be around 1.375 after breaking through.
4-hour chart
On the 4-hour chart, USDCAD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, MACD had formed a golden cross at a high level, showing that the market trend is bullish. Investors should focus on whether USDCAD will break through the support at 1.360. It will rise further if it retreats but is stable at 1.360.
Key resistance: 1.369,1.375
Key support: 1.360,1.354
Generally speaking, USDCAD is more likely to rise further in the short term. Investors should focus on US economic data during the day.
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