CAD looking for a directional signal 11/9/2023

CAD witnessed a sideways trend for several successive sessions, confined from below above the support floor of the psychological barrier 1.3600 and from above below the resistance of the psychological barrier of 1.3700.

Technically, and with a closer look at the 4-hour time frame chart, we find that the pair succeeded in establishing a good support ground around the psychological barrier of 1.3600, and the simple moving average is still carrying the price from below, supporting the possibility of a rise.

Therefore, there is an opportunity to continue the rise, noting that confirming the breach of the 1.3680 resistance level facilitates the task required to visit 1.3720, the next station. Then 1.3760, provided that trading remains above 1.3600.

We remind you that the price infiltration below 1.3600 puts the pair under strong negative pressure to retest the 1.3500 Fibonacci retracement 38.20%.

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: 1.3600	R1: 1.3690
S2:  1.3560	R2: 1.3735
S3: 1.3515	R3: 1.3770