CAD faces strong resistance 7/11/2022

Last Friday, the Canadian dollar incurred strong losses within the expected negative outlook, touching the profit-taking order published during the previous analysis at 1.3600, recording its lowest level at 1.3470 after the US and Canadian jobs data.

Technically, we tend in our trading to the negative, relying on the continuation of the negative pressure coming from the simple moving averages that support the decline and the beginning of a bearish technical formation on the 240-minute time frame.

Therefore, the bearish scenario remains valid and effective, targeting 1.3410, and breaking it increases and accelerates the strength of the daily bearish trend, so we will be waiting for 1.3300 official stations unless we witness any trading above 1.3620.

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: 1.3415	R1: 1.3695
S2: 1.3300	R2: 1.3860
S3: 1.3135	R3: 1.3975