CAD continues to bleed losses 14/4/2023

Noticeable losses continue to control the Canadian dollar’s movements within the expected bearish path during yesterday’s session, surpassing the required target at 1.341 as could continue the selling pressure towards 1.3375, recording its lowest level at 1.3330.

Technically, with the pair’s failure to maintain trading above 1.3410, in addition to the negative intersection of the simple moving averages, continues to exert negative pressure on the pair.

From here, the bearish scenario remains valid and effective, targeting 1.3290 as a first target, then 1.3230 as a next station, while trading remains below 1.3410.

The price’s attempt to consolidate above 1.3410 may postpone the suggested bearish scenario. We witness an attempt to rise towards 1.3445 & 1.3490.e the price consolidating above 1.2530, targeting 1.2575 first and then 1.2630 as a next stop, knowing that the pair’s preference for breaching 1.2520 may lead the pair to retest 1.2440 before attempting to rise again.

Note: Today we are awaiting high-impact economic data issued by the US economy, the “Retail Sales” index and the “University of Michigan Preliminary Consumer Confidence” index, and we may witness high volatility at the time of the news 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: 1.3285	R1: 1.3445
S2: 1.3225	R2: 1.3545
S3: 1.3120	R3: 1.3605