CAD Canadian continues to decline gradually 10/1/2023

As we expected, a bearish trend dominated the Canadian dollar’s movements with a gradual decline to the downside, approaching the official target of 1.3320, posting its lowest level at 1.3355.

Technically, the most favourable direction is still bearish, with the negative pressure of the simple moving averages, which continue to pressure the price from above, in addition to the stability of daily trading below the extended resistance level of 1.3460/1.3440.

Therefore, we hold onto our negative expectations, continuing towards the second target of the previous report at 1.3350 and then 1.3310 unless we witness any trading above 1.3460.

Note: Today, we are awaiting the speech of Jerome Powell, Chairman of the Federal Reserve, and we may witness high price volatility.

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: 1.3350	R1: 1.3440
S2: 1.3305	R2: 1.3490
S3: 1.3260	R3: 1.3530