CAD may resume the rise 28/9/2023

The Canadian dollar achieved the first upward target to be touched during the previous technical report, located at 1.3540, recording its highest level of 1.3545.

Technically, we are leaning toward positivity in our trading, relying on the bullish technical structure shown on the 4-hour chart, in addition to the continued attempts of the Stochastic indicator to obtain more bullish momentum.

Therefore, the upward bias may be the most preferred during the day, knowing that we are targeting 1.3550/1.3540 as the first target, knowing that breaching it will enhance the gains, so we are waiting to touch 1.3580, and the gains may extend towards 1.3620.

Trading stability with at least an hour candle closing below 1.3450 can thwart the upward attempts and lead the pair to the downward path to retest 1.3400.

Note: Today we are awaiting high-impact economic data issued by the American economy, the final reading of the gross domestic product and Federal Reserve Chairman Jerome Powell speech, and we may witness high price volatility.”

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: 1.3470	R1: 1.3535
S2:  1.3440	R2: 1.3570
S3: 1.3400	R3: 1.3600