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Hello everyone, today Avatrade Aihua Foreign Exchange will bring you "[Avatradescn Official Website]: Consolidation near the key support level". Hope it will be helpful to you! The original content is as follows:
Ihua Foreign Exchange APP News--On Friday (April 18) during the European period, the US dollar/Canada dollar was in a volatile upward pattern, but the upward process faced certain resistance. The USD/Canadian has rebounded, and the USD/Canadian is in a region that is very important many times, consolidating in a relatively narrow range. The price of 1.39 was previously the main resistance level. From the perspective of market memory, it is reasonable to become the support level here. Furthermore, there is trade tensions between the United States and Canada, which, as it stands, seem to continue stubbornly. Canada is hit harder? This will eventually cause a lot of problems for Canada. Yes, this will also bring some problems to the United States, but at the same time, 85% of Canada's exports are sold to the United States. Although the United States also exports to Canada, it is far less than Canada's dependence on the United States. In this case, this will ultimately have an adverse impact on the Canadian economy. Having said that, the USD/CAD is still fluctuating back and forth in a relatively narrow range. Moreover, you need to see a certain explosive or driving K-line pattern appear in a certain direction in order to truly understand the direction of the market. As of now, the exchange rate is below the 200-day index moving average (EMA), so this is a bearish signal. (Daily chart of USD/Canadian dollar: Yihuitong) At the same time, the moving average may be broken at any time. In fact, there are several different examples that can be seen from this chart alone. Therefore, it is not advisable to over-interpret the moving average. ifThe USD/Canada fell below the 1.38 price, then I think the market will weaken further. If the USD/Canada turns upward and breaks through the 1.40 price point, the market will strengthen further. At 19:58 Beijing time, the US dollar/Canada dollar was 1.3862/64, an increase of 0.22%. (The author of this article is
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