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The Canadian dollar maintains its negative trading after finding a strong resistance around 1.3740, forcing the pair to trade negatively, recording its lowest level below 1.3685.
Technically, we notice the stability of trading below the support of 1.3680, accompanied by the negative pressure coming from the simple moving averages, which is stimulated by the continuation of the momentum being confined to the short-term intervals, in addition to the bearish technical formation shown on the 4-hour chart.
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 1.3520, as long as trading is stable below 1.3730.
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.
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