CAD fails to break through the resistance 2/11/2022

The Canadian dollar provided positive movements during the last session to retest the pivotal resistance level at 1.3680, limiting the rise.

Technically, and by looking at the chart, we find features of a bearish technical formation that started to form that may pressure the price to achieve more decline, in addition to confining the bullish momentum on the short time intervals.

The expected tendency is tilted to the downside, targeting 1.3540 as a first target, and then 1.3500 official station awaited, whose bearish targets may extend later towards 1.3460 unless we witness stability in the price above 1.3680.

Note: Investors will monitor the central bank’s statement and Fed Chair Jerome Powell’s press conference. They have an essential impact on markets, and we may witness high 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: 1.3540	R1: 1.3670
S2: 1.3460	R2: 1.3740
S3: 1.3390	R3: 1.3810