CAD maintains a gradual climb 7/8/2023

Positive trading dominated the movements of the Canadian dollar during the previous trading session to end its weekly dealings above 1.3350, and the current movements of the pair are witnessing stability around 1.3377.

Technically, we tend to be positive in our trading depending on the positive impulse from the 50-day simple moving average, which continues to hold the price from below, in addition to the clear positive signs on the 14-day momentum indicator.

From here, with steadfast trading above the strong support floor of 1.3330, the bullish bias is the most preferred, targeting 1.3410 as the first target, taking into consideration that its breach is a catalyst that increases the chances of the price heading towards 1.3440 and 1.3480, respectively.

Activating the bullish scenario depends on trading remaining above 1.3330, and breaking it nullifies the activation of the suggested scenario. We are witnessing the beginning of forming a bearish bias towards 1.3280 & 1.3250.

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: 1.3330	R1: 1.3410
S2: 1.3280	R2: 1.3440
S3: 1.3250	R3: 1.3485