CAD continues its gradual decline 12/9/2022

The Canadian dollar was able to achieve the expected bearish minor correction during the last trading sessions of the week ending last Friday, touching the required target at 1.2980 and recording its lowest level at 1.2980.

Technically, and carefully considering the chart, the pair confirmed the breach of 1.3060, and the current moves are witnessing stability below the mentioned level; we find the negative features still dominating the stochastic indicator and providing more bullish momentum loss.

The expected tendency during today’s trading session is bearish, knowing that the intrusion below 1.2975 facilitates the task required to visit 1.2920, as long as the price is stable below 1.3090.

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: 1.2975	R1: 1.3090
S2: 1.2920	R2: 1.3150
S3: 1.2860	R3: 1.3205