CAD trying to rise 11/1/2023

Limited positive attempts for the Canadian dollar during the last trading session aimed at retesting the previously broken support level, which was turned into resistance at 1.3460.

Technically, and by looking closely at the 4-hour chart, we find that positive crossover signs started to appear on the stochastic indicator, accompanied by the RSI receiving positive signals.

We may witness a bullish bias in the coming hours, targeting 1.3470/1.3460, knowing that the price’s consolidation above the mentioned level may enhance the chances of rising towards 1.3500.

We remind you that the bullish bias depends on the stability of daily trading above 1.3390/1.3400, and breaking it will lead us to complete the bearish trend, to be waiting for 1.3345 & 1.3310.

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: 1.3390	R1: 1.3470
S2: 1.3345	R2: 1.3500
S3: 1.3305	R3: 1.3545