CAD breaks through the resistance 30/11/2022

The Canadian dollar reversed the expected bearish trend during the previous analysis, in which we relied on trading remaining below the psychological resistance level of 1.3500, recording its highest level at 1.3646.

From the point of view of technical analysis, the stability of trading above the previously breached resistance of 1.3500 supports the upside, in addition to the positive impulse coming from the simple moving averages, which returned to carry the price from below.

The bullish bias is the most favorable today, but with caution, targeting 1.3675, knowing that breaching it will increase and accelerate the strength of the bullish bias, opening the door to 1.3780, unless we witness trading again below 1.3500.

Note: Today we await high-impact data from the US economy, in addition to the speech of “Jerome Powell” Chairman of the Federal Reserve, and we may witness high volatility in prices.

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: 1.3435	R1: 1.3675
S2: 1.3305	R2: 1.3780
S3: 1.3200	R3: 1.3910