CAD is trying to maintain the bullish bias 22/8/2023

The technical outlook remains unchanged as the pair continues to gradually maintain its bullish path, maintaining its positive stability above the support level of 1.3500.

Technically, the 50-day simple moving average still holds the price from below, in addition to the positive signs coming from the RSI, which is stable above the mid-line, in addition to breaching the resistance of the psychological barrier 1.3500, which turned into a support level.

We continue the rise, targeting 1.3575 as the first target, considering that the price’s breach of the mentioned level is a catalyst that enhances chances of rising towards 1.3600 and 1.3640, respectively.

It should be noted that the confirmation of breaking the floor of the 1.3500 support, 38.20% correction, then 1.3470, can thwart the bullish scenario, and we are witnessing the beginning of the formation of a bearish slope, aimed at retesting the main support 1.3430 & 1.3400.

Note: Today, we are waiting for the summit of the “BRICS” group throughout the day, and we may witness high price fluctuations.

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: 1.3575
S2: 1.3460	R2: 1.3610
S3: 1.3410	R3: 1.3655