CAD gis trying to rise 2/6/2022

Tight sideways trading dominated the Canadian dollar’s movements yesterday, touching the strong support floor at 1.2600 and below the resistance level of 1.2690.

Technically and carefully looking at the 60-minute chart, we find that the RSI is trying to gain more bullish momentum; this comes in conjunction with the positivity features that started to appear on the stochastic indicator.

We tend to be positive, with intraday trading remaining above 1.2625, but with caution, and we need to witness a breach of 1.2695 to reinforce the imposition of a rise towards 1.2720 and 1.2750 respectively.

The return of trading and price stability below 1.2630 puts the pair under negative pressure; its initial targets are around 1.2600. Breaking the mentioned level leads the Canadian dollar to visit 1.2565 directly.

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: 1.2630	R1: 1.2690
S2: 1.2600	R2: 1.2720
S3: 1.2565	R3: 1.2750