CAD is making remarkable gains 15/6/2022

The Canadian dollar continues its bullish movements within the bearish context published during the previous analysis, touching our required official target at 1.2910 to record the highest level at 1.21975.

Technically, the current movements of the pair are witnessing a limited bearish tendency as a result of reaching the overbought areas, and the stochastic is trying to get rid of the intraday negativity. We find the simple moving average continues holding the price from below, supporting the continuation of the bullish bias.

The RSI started sending warning signals, and we may witness a retest of 1.2885 before resuming the rise again, knowing that above1.2975 can enhance the chances of rising to visit 1.3000, and the gains may extend later towards 1.3040.

Note: the level of risk is high.

Note: the markets are waiting for important data that could lead to volatility; US Retail Sales, Interest Rate, Federal Reserve Statement & Press Conference

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: 1.2885	R1: 1.3000
S2: 1.2820	R2: 1.3040
S3: 1.2775	R3: 1.3105