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Quiet positive trading dominated the movements of the Canadian dollar within a gradual ascent to the upside, achieving the condition for the rise referred to during the previous analysis: cohesion above 1.2900 to touch the required target of 1.2930.
Technically, we find the simple moving averages trying to push the price to the upside to provide a positive boost accompanied by clear positive signs on the 14-day momentum indicator on the 60-minute time frame.
Therefore, we tend to be positive, targeting 1.2950, a first target, considering that the upside move and consolidation above 1.2950 will extend the pair’s gains, paving the way towards 1.2980.
Trading stability below the 1.2840 support level will stop the proposed scenario and put the pair under negative pressure again, with an initial target around 1.2800.
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.
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