CAD re-testing support 16/6/2022

The Canadian dollar found a pivotal resistance level at the psychological barrier of 1.3000, which forced it to trade with limited negativity towards retesting the 1.2885 support level, which hovers around the pair’s current trading.

Technically, the daily trend is still bullish, but we may witness a bearish bias in the coming hours due to the negative signals coming from the momentum indicator on the 4-hour time frame.

Therefore, the retest scenario is most likely, targeting 1.2830 and 1.2800 before resuming the rise. We remind you that the bearish bias does not contradict the daily bullish trend, with official targets around 1.2970 and 1.3000.

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: 1.2830	R1: 1.2970
S2: 1.2775	R2: 1.3050
S3: 1.2695	R3: 1.3105