CAD continues to rise 19/9/2022

The Canadian dollar succeeded in touching all the upside targets required last Friday at 1.3275, heading to visit the official price station at 1.3315, recording the highest level at 1.3307.

Technically, we find the simple moving averages continue to hold the price from above and support the continuation of the rise, in addition to the clear positive momentum signals on the short time intervals.

Therefore, the possibility of continuing to achieve gains is still valid and effective, targeting 1.3325, taking into account that the confirmation of the breach of 1.3325 extends the pair’s gains, so we are waiting for 1.3355 and 1.3390, respectively, as long as the price is stable above 1.3190.

The return of stability below 1.3190 may force the pair to retest 1.3130 before rising again.

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: 1.3240	R1: 1.3320
S2: 1.3190	R2: 1.3355
S3: 1.3155	R3: 1.3405