CAD continues to make losses 27/6/2023

The Canadian dollar declined significantly within the negative outlook, as we expected, touching the first target to be achieved during the previous report, located at 1.3130, recording its lowest level during the morning trading of the current session at 1.3118.

From a technical point of view, today we tend to be negative in our trading, relying on the negative pressure coming from the simple moving averages that support the daily bearish price curve, and this comes in conjunction with the negative signs of the relative strength index and its stability below the mid-line 50.

Therefore, the bearish bias is more likely during today’s trading, targeting 1.3080 as a first target, and breaking it increases and accelerates the strength of the bearish bias, paving the way towards 1.3030 and 1.3000, respectively.

Only from the top, it crossed upwards, and the price consolidated above 1.3160 resistance, and most importantly 1.3180, invalidating the activation of the bearish scenario, and the pair begins to recover, aiming to retest 1.3200 & 1.3260.

Caution: Today we are awaiting high-impact economic data issued by the US economy “Consumer Confidence Index” in addition to inflation data from Canada “Consumer Price Index” and we may witness high volatility at the time of the news release.

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: 1.3080	R1: 1.3160
S2: 1.3030	R2: 1.3205
S3: 1.3000	R3: 1.3260