CAD waiting to break support 3/8/2022

The technical outlook is unchanged, and the Canadian dollar’s movements did not change much, maintaining the negative stability below the 1.2885 resistance level.

Technically, we tend to the negativity, relying on the support of the 50-day simple moving average for the bearish bias, which is exerting its negative pressure, in addition to the movement within the descending minor channel as shown on the 4-hour chart.

Therefore, we maintain our negative outlook and await confirmation of breaking the 1.2830 support, which facilitates the task to visit 1.2780, the first target, and then 1.2730, the next official station.

Rising again above 1.2885, nullifying the suggested bearish scenario, we will witness a temporary recovery for the pair, targeting 1.2925 and 1.2955 initially.

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: 1.2780	R1: 1.2885
S2: 1.2730	R2: 1.2925
S3: 1.2695	R3: 1.2980