Canadian Dollar Tends to be Negative 11/1/2022

The Canadian dollar’s movements witnessed limited positive attempts during the last trading session to hit the resistance level of the psychological barrier 1.2700, unable to breach it until now.

Technically, and carefully looking at the 4-hour chart, we notice the beginning of a bearish technical formation that puts the price under negative pressure, in addition to stabilizing trading below the previously broken support, which is now turned to the 1.2700 resistance level.

Therefore, bearish movements are possible, provided that the 1.6210 breaks are confirmed. That extends the pair’s losses to make the way open for a visit to 1.2570 and 1.2510, respectively.

To remind you that the return of trading stability again above 1.2700 and, most importantly, 1.2710 invalidates the proposed scenario, and we may witness a retest of 1.2770 and 1.2810, respectively.

Note: CFD trading involves risks; all scenarios may occur.

S1: 1.2600	R1: 1.2710
S2: 1.2570	R2: 1.2770
S3: 1.2510	R3: 1.2810