CAD is waiting for pending orders 12/1/2023

The Canadian dollar achieved some modest positivity during the previous trading session, with a view of retesting the 1.3460 resistance level to settle for recording the highest at 1.3445.

Technically, and by looking at the 4-hour chart, we notice the stability of the RSI around neutrality areas, in addition to confining trading within a sideways range, from between 1.3400 and 1.3470.

We prefer to monitor the price behaviour of the pair to have one of the following scenarios:

The dominance of the downside trend depends on breaking the support floor of 1.3400; hence the chances of touching 1.3365 and 1.3310 while consolidating above 1.3470 motivates the pair to visit 1.3500 and 1.3540.

Note: Today, markets are awaiting US inflation (consumer price index) data, which may lead to price volatility.

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: 1.3400	R1: 1.3470
S2: 1.3365	R2: 1.3500
S3: 1.3305	R3: 1.3545