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The Canadian dollar reversed the expected bullish trend yesterday, in which we relied on the stability of trading above the support level of the psychological barrier 1.3700, and as a reminder that the stability of trading below 1.3700 can thwart the proposed scenario and put the pair under strong negative pressure targeting 1.3670 initially, recording a low of 1.3620.
Technically, the pair confirmed breaking 1.3700, and the intraday movements are witnessing stability below the broken support of 1.3670, accompanied by the return of the simple moving averages to pressure the price from above, in addition to the pair losing the bullish momentum.
From here and with stability intraday trading below 1.3670 and generally below 1.3700, there may be a possibility of more decline, targeting 1.3550, a first target that may extend later towards 1.3510.
The attempt to consolidate above 1.3700 can thwart the expected bearish scenario during the day, and the pair is recovering with an initial target of 1.3760.
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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