CAD continues to rise 16/9/2022

The Canadian dollar achieved the first target required to be touched during the previous analysis, at 1.3245, recording its highest level during the morning session of the current session at 1.3255.

Technically, the Canadian dollar continues to achieve gains based on the positive motive coming from the simple moving averages and the positive momentum signals on the short time intervals.

Therefore, the possibility of continuing the rise is still valid and effective, provided that we witness the breach of 1.3255 to visit 1.3275, knowing that the breach of the target level is a catalyst that facilitates the task required to visit 1.3315, the next station whose targets may extend later towards 1.3345.

In general, we continue to suggest the overall bullish trend as long as trading is stable above the strong support of 1.3120.

Note: Stochastic is around overbought areas and we might witness some fluctuation before getting the official path.

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: 1.3175	R1: 1.3275
S2: 1.3120	R2: 1.3315
S3: 1.3070	R3: 1.3375