CAD: maintains the same technical conditions 23/6/2022

The technical outlook is unchanged and the movements of the Canadian dollar did not change much, maintaining the negative stability below the resistance level of the psychological barrier of 1.3000.

Technically, by looking at the 240-minute chart, the pair is still stable below the resistance level of the psychological barrier of 1.3000. We find stochastic around the intraday overbought areas on the shorter time frames.

Therefore, as the move continues below 1.3000, the bearish bias is most likely during the day, targeting 1.2920, knowing that breaking the mentioned level will facilitate the mission to retest 1.2885.

Trading above 1.3000 negates the activation of the suggested bearish scenario and leads the pair to recover with the first target of 1.3035, which may extend later to visit 1.3070.

Note: The testimony of “Jerome Powell” Chairman of the Federal Reserve is due today, and we may witness high volatility.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1.2920	R1: 1.3000
S2: 1.2885	R2: 1.3035
S3: 1.2830	R3: 1.3085