CAD may witness a temporary rise 15/11/2022

A bearish tendency dominated the movements of the Canadian dollar during the previous trading session, within the expected bearish path, to settle for recording its lowest level at 1.3240.

Technically and carefully considering the 240-minute time frame, we find positive crossover signs that started appearing on the stochastic indicator and the stability of the intraday trading above 1.3260.

There is a possibility of an upward bias in the coming hours to retest 1.3340, knowing that breaching it may open the way for the pair to visit 1.3380.

Note: the expected bullish bias does not contradict the daily bearish trend, whose official targets are around 1.3200 and 1.3170, once 1.3240 is broken.

Note: Monthly US inflation data is due today in “Product Price Index”, and we may witness clear price fluctuations.

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: 1.3260	R1: 1.3340
S2: 1.3205	R2: 1.3380
S3: 1.3170	R3: 1.3430