CAD negative pressure remains 16/11/2022

Strong negative trades dominated the Canadian dollar’s movements within the main bearish trend, as we expected, approaching by a few pips from the official target of 1.3200, recording its lowest level at 1.3224.

Technically, we tend in our trading to be negative, relying on the negative pressure coming from the simple moving averages, which constitute an obstacle in front of the price, in addition to the clear negative signals on the RSI.

The expected slope is bearish, and breaking 1.3225 extends the pair’s losses, so we will wait for 1.3170, the next target, as long as daily trading is stable below 1.3325.

Note: Today we are awaiting the “annual consumer prices” index, and we may witness high price volatility.

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: 1.3225	R1: 1.3335
S2: 1.3170	R2: 1.3390
S3: 1.3115	R3: 1.3445