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Daily Analysis By FXGlory
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[QUOTE="FXGlory Ltd, post: 346952, member: 106971"] [B]USDCAD analysis for 05.02.2024 [/B] [ATTACH type="full"]60846[/ATTACH] [B] Time Zone: GMT +2 Time Frame: 4 Hours (H4) Fundamental Analysis:[/B] The USD/CAD pair is exhibiting signs of consolidation and uncertainty, influenced by key economic developments and market sentiment towards the U.S. dollar and Canadian dollar. Fundamental factors such as oil price volatility and differing monetary policies in the U.S. and Canada play significant roles. The pair remains within the Ichimoku Cloud on the H4 chart, suggesting a lack of clear directional movement and highlighting the importance of upcoming economic indicators. Technically, the USD/CAD has shown bearish momentum, as evidenced by the MACD, and is currently poised near a neutral state with the RSI close to 50. It faces immediate support and resistance at 1.3680 and 1.3740, respectively. Given the current market conditions and the influence of external economic factors, traders should remain cautious and stay updated on geopolitical events and further economic data that may affect market dynamics. [B]Disclaimer:[/B] The provided analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions. [B] FxGlory 05.02.2024 [ATTACH type="full" width="959px"]60847[/ATTACH][/B] [/QUOTE]
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