CAD: negative pressure is in place 15/3/2023

The Canadian dollar is facing negative pressure since the beginning of this week’s trading, as the movements of the previous trading session witnessed a bearish trend, recording its lowest level at 1.3650.

Technically, we notice the beginning of the negative pressure at the support level of 1.3680, accompanied by the negative pressure coming from the simple moving averages, which is stimulated by the continuation of the confinement of the momentum over the medium intervals.

The bearish tendency is the most likely, and we may witness a decline in the coming hours, targeting 1.3630 as a first target, and breaking it will lead the pair to resume the decline towards 1.3590/1.3600 for a next station, taking into consideration that the expected official target is near 1.3530, as long as trading remains stable below 1.3730.

Note: Today we are awaiting high-impact economic data that affects the US economy, the “Producer Prices Index, US Retail Sales, and the New York State Manufacturing Index,” as well as the United Kingdom’s “Annual Budget Report,” and we may witness a high fluctuation in prices at the time of release.

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: 1.3630	R1: 1.3735
S2: 1.3590	R2: 1.3790
S3: 1.3530	R3: 1.3835