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The Canadian dollar declined during the previous trading session after it broke the bullish channel’s support and is now hovering around its lowest level during the early trading of the current session, 1.3620.
Technically, looking carefully at the 240-minute chart, we find negativity still dominating the stochastic indicator, stimulated by the negative pressure from the simple moving averages.
Therefore, the bearish bias may be the most likely during the day, targeting 1.3570 as a first target, and breaking it increases and accelerates the strength of the bearish bias, to be waiting for 1.3520.
From above, a rally above 1.3680 can completely fail the suggested scenario and lead the pair to retest 1.3470.
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.
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