CAD confirms breakout of resistance 24/4/2023

Positive trades dominated the movements of the Canadian dollar, building on the support of the psychological barrier 1.3500, to start trading today’s session on an upward slope, and hover around its highest level during the early trading of the current session 1.3560.

Technically, the pair confirmed the breach of the resistance level of 1.3500, which turned into a support level, and we find the simple moving averages continue to provide a positive motive, praising the continuation of the rise in the coming hours.

Therefore, the bullish daily trend is the most preferable, targeting 1.3590 as the first target, and breaching it increases and accelerates the strength of the bullish trend, so that we are waiting to touch our next target at 1.3620, and it may extend later to visit 1.3660 as long as trading is stable above 1.3500.

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: 1.3500	R1: 1.3590
S2: 1.3440	R2: 1.3620
S3: 1.3400	R3: 1.3680