CAD continues to achieve negative targets 9/1/2023

The Canadian dollar followed the negative outlook during the previous technical report, heading to touch the official bearish station on friday at 1.3420, recording its lowest level during the morning trading of today’s session at 1.3400.

Technically, and by looking closely at the 4-hour chart, we find that the pair confirmed the breach of the support-into-resistance level of 1.3510, in addition to the negative pressure from the simple moving averages.

Therefore, the bearish scenario remains intact, knowing that the decline below 1.3400 facilitates the task required to visit 1.3320 as the next waiting station.

From above, the return of trading stability above 1.3510 may lead the pair to retest 1.3565 before resuming the decline.

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: 1.3320	R1: 1.3565
S2: 1.3240	R2: 1.3730
S3: 1.3080	R3: 1.3810