CAD continues to decline 3/4/2023

The Canadian dollar achieved the negative targets we expected within the bearish path published during the previous technical analysis, touching the official target at the end of last week’s trading at 1.3550, recording the lowest at 1.3505.

Technically, we tend to be negative, relying on the continuation of the negative pressure coming from the simple moving averages that support the daily bearish price curve and the clear negative signs on the stochastic.

Therefore, the bearish trend is the most likely during the day, targeting 1.3490 as the first target, knowing that breaking the mentioned level enhances chances for further decline towards 1.3460 as the next stop.

Rising again above 1.3560, delaying chances of a decline but not cancelling them, and leading the pair to a temporary upward path towards 1.3610, before starting the decline again.

Note: The risk level is high.

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: 1.3490	R1: 1.3560
S2: 1.3460	R2: 1.3610
S3: 1.3410	R3: 1.3650