CAD continues its gradual decline 14/11/2022

The Canadian dollar resumed the bearish trend as we expected during the technical report issued last Friday, touching the second target that is required to be achieved at 1.3230, recording its lowest level at 1.3234.

From the angle of technical analysis today, and carefully looking at the 4-hour chart, we notice the continuation of the negative pressure coming from the simple moving averages that continue to pressure the price from above, in addition to the RSI losing the bullish momentum.

Therefore, continuing the bearish trend may be the most possible, complementing the third target of the previous report 1.3160, and the bearish targets extending later to visit 1.3120.

Remember that maintaining the daily bearish trend requires daily trading to remain below 1.3340.

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: 1.3210	R1: 1.3340
S2: 1.3160	R2: 1.3415
S3: 1.3085	R3: 1.3465