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The Canadian dollar continued its upward trajectory, achieving the expected positive targets outlined in the previous technical report. The pair reached the 1.3770 target and extended to a new high of 1.3774.
Technical Outlook – 4-Hour Timeframe:
Price action reflects ongoing bullish momentum, supported by the pair’s stability above the key support level at 1.3680 and continued backing from the 50-period Simple Moving Average (SMA). These factors favor the likelihood of a gradual continuation of the uptrend in the short term.
However, early negative signals on the Relative Strength Index (RSI) are beginning to appear, suggesting that momentum could slow temporarily and a minor correction may occur before resuming the uptrend.
Probable Scenario – Bullish Bias:
As long as the price holds above 1.3680, the bullish outlook remains intact, with the next upside targets at:
- 1.3780 (initial resistance)
- 1.3820 (next key resistance / official target)
Alternative Scenario – Corrective Pullback:
A break below 1.3680 would weaken the bullish structure and may trigger a downward correction, targeting:
- 1.3645 as the first support
- 1.3610 as a deeper support level
Caution:
The risk level remains elevated amid ongoing geopolitical and trade tensions. All scenarios are possible, and effective risk management is essential.
Risk Disclaimer: Amid global economic uncertainties and trade tensions, risk levels remain high. Traders should proceed with caution and be prepared for a range of market scenarios.
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