CAD waiting for pending orders 11/4/2023

After attempts to rise, the Canadian dollar found a strong resistance level of around 1.3550 to find the resistance above. It started to form negative pressure on the price within a sideways path it cannot breach until now.

Technically, we find the Canadian dollar stable above the floor of support for the negative barrier 1.3500, accompanied by the positive motive of the simple moving average that meets around 1.3480 and narrows it down to more strength, and this supports the possibility of building an ascending wave, on the other hand, we find the stochastic indicator providing negative signals that increase the possibility of a resumption The official downward path.

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

For a bearish trend, it is better to witness a break of 1.3480, which will facilitate the task of reaching 1.3445 and 1.3410, respectively.

For an upward trend, 1.3550 must be breached and the price consolidated above it, which motivates the pair to touch 1.3585 & 1.3610.

Note: The risk level is high.

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: 1.3470	R1: 1.3550
S2: 1.3445	R2: 1.3585
S3: 1.3410	R3: 1.3615