CAD continues to descend towards the goals 27/10/2022

The Canadian dollar achieved the negative targets required during the previous technical report to reach the first target at 1.3545, approaching by a few points from the second target of 1.3495, recording the lowest level at 1.3505.

Technically and carefully considering the 4-hour chart, we find the simple moving averages continuing their negative pressure on the price from above, which comes in conjunction with the clear negative signs on the stochastic indicator.

Therefore, we maintain our negative expectation, knowing that trading below 1.3480 facilitates the task required to visit 1.3420 as the next station, and losses will be extended to 1.3360 as long as the price is stable below the resistance level of 1.3630.

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: 1.3480	R1: 1.3630
S2: 1.3420	R2: 1.3710
S3: 1.3345	R3: 1.3775