CAD is trying to build support 11/8/2023

The Canadian dollar found a good support ground around 1.3355, which succeeded in limiting the bearish bias, to start the pair’s daily trading on a bullish path, stabilizing above the mentioned level.

Technically, the 50-day simple moving average still holds the price from below, and it meets near 1.3350, which represents a good support level, which supports the possibility of a return to the bullish bias.

We tend to rise, targeting 1.3470, and breaching it is a catalyst that enhances the chances of the price heading towards 1.3500, and then 1.3540, respectively.

It should be noted that confirming a breach of 1.3355 can thwart the bullish scenario, and we are initially witnessing the beginning of forming a bearish bias towards 1.3300.

Note: Today, we are waiting for high-impact economic data issued by the US economy, “Producer Price Index,” and “Initial Consumer Confidence”, and from England, we are waiting for the “Gross Domestic Product” indicator, and we may witness high volatility in prices.

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: 1.3395	R1: 1.3470
S2: 1.3345	R2: 1.3500
S3: 1.3305	R3: 1.3550