CAD: to be watched closely 18/11/2022

The resistance levels published in the previous analysis at 1.3400 could limit the bullish tendency in the last session’s trading, which forced the pair to trade within the downside path again, recording its lowest level at 1.3305.

Technically, negative pressure comes from the simple moving averages, accompanied by clear negative signals on the 14-day momentum indicator over the short-term intervals.

We tend to be negative, but with caution, and await the confirmation of breaking 1.3280, to facilitate the task required to visit 1.3245 and 1.3200, respectively, as long as trading is stable below the resistance of the psychological barrier 1.3400.

It should be carefully noted that crossing to the upside and rising again above 1.3400 nullifies the activation of the bearish view and leads the pair to retest 1.3435 & 1.3470.

Note: the risk level may be high with conflicting technical signals.

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: 1.3280	R1: 1.3375
S2: 1.3245	R2: 1.3435
S3: 1.3180	R3: 1.3480