CAD continues to rise 21/9/2022

The Canadian dollar continues to achieve successive rises after establishing a solid support floor around the 1.3300 barrier, to enable the pair to confirm the breach of the mentioned level, which turned into a support level.

Technically, with the continuation of the positive motive for the simple moving averages that support the bullish price curve, in addition to the clear positive signs on the RSI.

Therefore, the bullish scenario remains valid and effective, complementing the rest of the targets of the last report at 1.3425, the first target. The gains may extend later to visit 1.3775 as long as the price is stable above 1.3325 and, most importantly, 1.3300.

The return of stability below 1.3275 forces the pair to retest 1.3200 initially before attempting to rise again.

Note: We await the Fed statement, followed by a press conference and economic outlook. They have a significant impact, and we may witness high volatility in prices, which requires attention to the upcoming moves so that all scenarios are likely to occur.

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: 1.3275	R1: 1.3425
S2: 1.3175	R2: 1.3475
S3: 1.3120	R3: 1.3570