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The Canadian dollar was able to maintain the bearish path, heading to touch the first profit-taking required to be achieved during the previous trading session’s trading at 1.3440, recording its lowest level at 1.3428.
From the angle of technical analysis today, we continue to maintain the negative outlook, relying on the stability of daily trading below the resistance level of the psychological barrier 1.3500, in addition to the signs of declining momentum, which comes in conjunction with the negative pressure of the simple moving averages.
The bearish trend is the most likely, targeting 1.3410, and the price behaviour of the pair should be closely monitored around this level, due to its importance to the general trend in the short term, and breaking it would extend the losses, so we will wait for 1.2375 and 1.2320, respectively.
From above, an attempt to consolidate above 1.3500 leads the pair to achieve some temporary gains, with the aim of retesting 1.3550 initially.
Caution: Today we are awaiting high-impact economic data issued by the US economy, “Producer Price Index, Unemployment Claims” and “Gross Domestic Product from the United Kingdom” and the speech of the Governor of the “Bank of Canada”, and we may witness a high fluctuation in prices at the time of the news.
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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