Canadian starts pressing support 24/11/2022

We adhered to the intraday neutrality during the previous analysis due to the conflicting technical signals, explaining that activating selling positions requires confirming the pair’s breach of the 1.3350 support level.

From a technical analysis point of view, and by looking closely at the 4-hour chart, we find clear negative crossover signs on the stochastic indicator, accompanied by the negativity of the simple moving averages.

Therefore, the expected bias may be to the downside, with the first target 1.3295, knowing that the decline below the mentioned level increases the negative pressure, opening the door to 1.3255.

From above, Rising above the resistance of the psychological barrier 1.3400, and most importantly, 1.3410, which can thwart the suggested bearish scenario, and the pair begins to recover from visiting 1.3480.

Note: US markets are on holiday due to Thanksgiving and volumes are light

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: 1.3295	R1: 1.3410
S2: 1.3255	R2: 1.3480
S3: 1.3180	R3: 1.3520