CAD: negative pressure remains 7/6/2023

The bearish trend continues to control the movements of the Canadian dollar. It is heading to touch the bearish target required to be achieved during the previous report, located at 1.3385, recording its lowest level at 1.3388.

Technically, today, we notice the continuation of the clear negative crossover signs on the simple moving averages, which continue to pressure the price from above, in addition to the continuation of the RSI’s defence of the bearish direction.

Therefore, the bearish trend remains the most likely during today’s session, and we await the confirmation of breaking 1.3400, which extends the pair’s losses, as we wait to touch 1.3385 & 1.3320 as next targets.

From above, it has crossed upwards, and the price’s consolidation above 1.3510/1.3500 can thwart the suggested bearish scenario, and the pair begins to restore the bullish path towards 1.35350.

Note: Today, we are awaiting high-impact economic data issued by the US economy, “the interest rate,” and “the Bank of Canada interest statement,” and we may witness a high fluctuation in prices 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: 1.3375	R1: 1.3470
S2: 1.3320	R2: 1.3505
S3: 1.3285	R3: 1.3545