CAD trying to recover 20/9/2023

The Canadian dollar succeeded in achieving the bearish targets required to be achieved during the previous technical report at 1.3400, and approaching the official target around 1.3365, recording its lowest level at 1.3380.

Technically, we are leaning towards positivity in our trading, but with caution, relying on the positive crossover signals that have begun to appear on the Stochastic indicator and the stability of intraday trading above the 1.3380 support level.

Therefore, we may witness an upward bias in the coming hours, targeting 1.3510 as the first target, knowing that confirmation of the pair breaching the aforementioned level is a motivating factor that enhances the chances of rising towards 1.3550 initially.

From below, the return of trading stability with at least an hour candle closing below 1.3380 can thwart the upward attempts and put the pair under negative pressure again to complete the downward trend with an initial target of 1.3330.

Note: Today, we are awaiting high-impact economic data issued by the American economy “the Federal Reserve Committee statement, the interest rate decision and forecast, followed by a press conference. We may witness high price fluctuations at the time the news is released.

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: 1.3400	R1: 1.3510
S2:  1.3335	R2: 1.3550
S3: 1.3285	R3: 1.3620