CAD tends to be negative 30/8/2023

The Canadian dollar achieved the idea of retesting the support published during the previous technical report, touching the target of retesting the support level of 1.3560, recording its lowest level at 1.3550.

Technically, we tend towards negativity in our trading, relying on trading stability below the resistance level of 1.3600, and, most importantly 1.3630, which is supported by the clear negative signs on the stochastic on the 4-hour time frame.

Therefore, the possibility of resuming the bearish bias is still valid and effective, targeting 1.3530 as the first target, and breaking it would put the pair under negative pressure to visit 1.3500 38.20% Fibonacci correction unless we witness any trading above 1.3630.

Note: Today, we are awaiting high-impact economic data issued by the US economy “ADP Employment Change” and “the preliminary reading of the GDP” quarterly, and we may witness a high fluctuation in prices 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: 1.3530	R1: 1.3630
S2: 1.3495	R2: 1.3675
S3: 1.3445	R3: 1.3710