CAD press support 24/10/2023

Positive trades dominated the Canadian dollar’s movements yesterday. The currency was a few points away from the target it needed to achieve during the previous session, at 1.3745, and recorded its highest level at 1.3736.

Technically, we are leaning towards negativity in our trading, relying on the beginning of pressure on the pair on the support floor of 1.3680. We also find that the Relative Strength Index has begun to send negative signals.

We may witness a bearish bias in the coming hours. The first target is 1.3640, and breaking it will facilitate the task required to visit 1.3600, an awaited official station.

Trading stability again above the resistance represented around 1.3715 can thwart the bearish scenario and the pair regains the upward path with an initial target of 1.3760.

Note: Today we are awaiting high-impact economic data from the Eurozone, the services and manufacturing PMI indexes from Germany and France, and the services and manufacturing PMI indexes and unemployment benefits from the UK.

In the US, the markets await the services and manufacturing PMI index, and we may witness some 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: 1.3640	R1: 1.3715
S2:  1.3600	R2: 1.3760
S3: 1.3565	R3: 1.3785