CAD loses momentum 15/6/2023

Trading tended to be negative, dominating the Canadian dollar’s movements within the expected bearish context, approaching by a few points away from the target to be achieved during the previous report at 1.3260, recording its lowest level at 1.3270.

Technically, the current movements of the pair witness a limited bullish tendency, benefiting from the attempt to stabilize above the support level of the psychological barrier 1.3300, and upon closer look, we find the 50-day simple moving average still constitutes an obstacle against the pair, accompanied by clear negative signs on the stochastic.

We tend to be negative, but with caution, relying on trading remaining below the strong resistance level 1.3375, waiting to touch 1.3298, knowing that infiltration below the mentioned level facilitates the task required to visit 1.3240 and 1.3205, respectively, knowing that crossing to the upside and rising above 1.3375 can thwart the bearish scenario. The pair is expected to recover temporarily, targeting 1.3420 and 1.3460, respectively.

high.

Note: Today we are awaiting high-impact economic data issued by the US economy “consumer price index” and from the United Kingdom “Bank of England governor’s speech,” 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: 1.3295	R1: 1.3375
S2: 1.3240	R2: 1.3420
S3: 1.3205	R3: 1.3460