CAD: negative pressure remains 12/9/2023

Negative trading dominated the movements of the Canadian dollar during the previous trading session after it failed to maintain positive stability above 1.3600.

Technically, we are leaning toward negativity, relying on the negative intersection of the simple moving averages that began to pressure the price from above and the negativity of the 14-day momentum indicator.

From here, with daily trading remaining below 1.3630, the bearish scenario remains the most preferable, targeting 1.3550 as the first target, and breaking it will extend the losses as we wait to touch 1.3515 and 1.3500, respectively.

The price’s consolidation above the resistance level of 1.3630 will immediately stop the downward trend and the pair will recover temporarily to visit 1.3675.

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: 1.3550	R1: 1.3630
S2:  1.3515	R2: 1.3675
S3: 1.3470	R3: 1.3710