🛢️ Weak Oil Demand: Monthly reports from three major oil institutions indicate sluggish market demand,fxcm dealer while Russia's oil production in May exceeded the OPEC+ quota. Long-term selling pressure on oil prices affects the Canadian dollar's performance.

🔍 Technical Analysis Highlights:

• Stochastic Oscillator (Daily): The overbought region issues a bearish signal, suggesting short-term bears may dominate. Notably, the blue fast line shows an upward trend, signaling the potential for continued price increases.

• Resistance Level (Daily): The bearish trend cannot be confirmed until the price breaks below the 65-day moving average.

• Naked K Structure: The recent decline remains within the June 7th candlestick. Any break in either direction indicates a potential trend.

• Neckline Resistance (1 Hour): After breaking the neckline support, the price rebounded to the neckline resistance area yesterday.

📍 Pivot Indicators:

• Central Price at 1.3720,

• Bullish above 1.3720, first target 1.3760, second target 1.3785

• Bearish below 1.3720, first target 1.3700, second target 1.3680

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The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.