The Canadian Dollar touches the rising target 8/4/2022

The Canadian dollar has been able to attain the expected bullish rebound discussed in the previous analysis, touching the first target at 1.2610, recording its highest level at 1.2610.

Technically, and with a careful look at the 4-hour chart, the pair continues to obtain positive motive from the 50-day moving average, which carries the price from downtrend to meet near the 1.2500 support level, in addition to the RSI’s continued defense of the bullish rebound idea.

Therefore, we maintain our positive outlook, continuing toward the targets of the previous analysis, noting that a breach of 1.2610 is a catalyst that could enhance the chances of achieving gains extending towards 1.2660 and 1.2700, respectively, as long as trading is generally stable above 1.2480.

It is worth reminding that the return of trading stability below 1.2460, 50.0% correction, postpones the bullish bounce, and we witness a retest of 1.2400 before any attempt to rise again.

Note: The risk level is high.

Note: CFD trading involves high risk; all scenarios may occur.

S1: 1.2550	R1: 1.2660
S2: 1.2480	R2: 1.2700
S3: 1.2400	R3: 1.2740