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The Canadian dollar declined significantly yesterday, within the expected bearish context during the previous technical report, touching the official target station at 1.3320, recording its lowest level at 1.3320.
From the point of view of technical analysis today, the pair succeeded in breaching the support level of 1.3420. they have turned into a resistance level. The simple moving averages continue to pressure the price from above and support the daily bearish price curve.
The daily trend tends to fall, targeting 1.3310, knowing that breaking it increases and accelerates the strength of the bearish trend, opening the way directly towards 1.3260, and the gains may extend later towards 1.3205 as long as trading remains stable below 1.3420.
The price’s consolidation and the upward breach of the previously broken support 1.3420 postpones the chances of a downside move and leads the pair to retest 1.3475 & 1.3500.
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.
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