Cad : Continuous trends contribute to a bearish technical outlook ▼▼(11month13day)

Focus:
Last week, Canadian officials repeatedly verbally suppressed the Canadian dollar and imposed pressure on it
The sharp drop in product prices pushed down the Canadian dollar

Canadian dollar plummeted by approximately3%To the lowest0.9704, for1971year1The month saw the largest single day decline as risk aversion and exit spread trading dragged the Canadian dollar down from its recent high. The Canadian dollar has been declining for the fourth consecutive day until Monday. Since last Wednesday, risk aversion has dominated the financial market, with several large US financial institutions announcing significant write downs related to subprime mortgages. Some investors are concerned that this may only be the tip of the iceberg.

The Canadian dollar has touched since last Tuesday0.9050After reaching a high level, it continued to decline and clearly broke through on Monday of this week5Days and10Balance moving average, followed by consecutive25The Tianping moving average has also fallen; In addition, the consecutive decline has also caused5Tianhe10The Tianping moving average shows a bearish cross, and the situation tends to maintain a weak development. The current key positions can be viewed separately0.9865On the one hand, it is50Balance moving average, also starting from8month16Daily low1.0865The downward trend line suggests that the Canadian dollar may face a larger adjustment if it falls into this area. If there is recent support, you can pay attention first0.9720Horizontal. Jade at the resistance level will0.9400/20For the key, and0.9420At present10Balance moving average position; If closer, use25The balance moving average is used for accuracy, currently in the0.9585If the Canadian dollar stabilizes below this zone, it is expected to be weak or briefly converge, but it is also estimated that there will be no significant increase in the short term.

(Analysis provided by Zongheng Huihai Research Department | www.MW801.com )