CAD is facing temporary negative pressure 28/4/2023

The Canadian dollar approached the first target during the previous trading session at 1.3650, recording its highest level at 1.3645.

Technically, and by looking at the 4-hour chart, we renew that the pair started to exit from the ascending channel, and we find that the relative strength index started to lose its bullish momentum on the short time frames.

There is a possibility of a bearish bias in the coming hours, aiming to retest 1.3560 and 1.3510 respectively, unless we witness any trading again above the 1.3650 resistance.

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: 1.3590	R1: 1.3650
S2: 1.3560	R2: 1.3680
S3: 1.3500	R3: 1.3710