CAD - Bank of Canada's Macklem says rate hikes must curb inflation
Bank of Canada's Macklem says rate hike must be done to curb inflation
In the trend of USD/CAD, the exchange rate stepped into the vicinity of the 1.32 mark, which was blocked twice this month. After a period of technical retreat, the exchange rate finally crossed 1.32 and extended a new round of rising trend. The resistance level is expected to be at the 1.38 mark. For the time being, the exchange rate once broke through and touched a high of 1.3808 on Monday; the larger resistance is expected to be 1.40 or even 1.42. However, the technical chart shows that the RSI and Stochastic have just fallen back from the overbought area and may show a correction tendency in the short term. Calculated based on the cumulative increase since August, the correction range of 23.6% and 38.2% is 1.3560 and 1.34 level, and if it is extended to 50% and 61.8%, it will reach 1.3280 and 1.3155.
Resistance 1.3800 – 1.4000* – 1.4200
Support 1.3560 – 1.3400 – 1.3280 – 1.3155
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