CAD: technical conditions unchanged 18/1/2023

The Canadian dollar fell yesterday within the bearish path published during the previous technical report, approaching by a few pips at the first target of 1.3360, recording its lowest level at 1.370.

The technical view is unchanged, and the pair maintains the same technical conditions. The common tendency tends to be downward, with daily trading steady below 1.3470, targeting 1.3360 as a first target, and breaking it extends the pair’s losses towards 1.3320, the next official station.

The price’s consolidation above 1.3470 will immediately stop the suggested bearish scenario, and the pair will recover temporarily to retest 1.3500 & 1.3540.

Note: High-impact data are due today, UK Annual Consumer Prices, US Retail Sales and US Producer Prices and may cause 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: 1.3360	R1: 1.3430
S2: 1.3320	R2: 1.3470
S3: 1.3280	R3: 1.3505