CAD: touches downward targets 22/6/2023

The Canadian dollar continues its negative trading within the expected bearish context, in which we relied on trading stability in general, below the pivotal resistance of 1.3260, touching the first official target of 1.3180, and gradually approaching the second target of 1.3130, recording its lowest level during the trading of the current session at 1.3151.

Technically, today, and with the pair’s success in confirming the breach of 1.3220 and then 1.3180, that increases the possibility of continuing the decline, as we find the simple moving averages continue the negative intersection, supporting the daily bearish price curve.

Therefore, the bearish inclination is the most likely during today’s trading, continuing towards the required target 1.3120. The price behaviour of the pair must be closely monitored around this level, as breaking it extends losses, so we are waiting to touch 1.3090 and 1.3050, respectively, unless we witness the price consolidation above 1.3220.

Note: Today we are awaiting high-impact economic data issued by the British economy, “the interest rate decision and monetary policy summary,” and from the United States, we await the testimony of the Federal Reserve Chairman “about the semi-annual monetary policy report before the House Financial Services Committee. We may witness a high price fluctuation during the news release.

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: 1.3120	R1: 1.3220
S2: 1.3090	R2: 1.3280
S3: 1.3030	R3: 1.3315