CAD:positivity remains 4/10/2023

A gradual rise for the Canadian dollar within the expected positive outlook during the previous technical report, approaching a few points from the published target of 1.3750, recording its highest level of 1.3737.

Technically, and with a closer look at the 4-hour time frame chart, we find that the pair broke the resistance level of the psychological barrier 1.3600, which was transformed into a support level, accompanied by the pair continuing to receive a positive stimulus from the simple moving averages.

From here, with intraday trading remaining above 1.3650, the upward bias is the most likely during the current trading session, targeting 1.3750 as the first target, and breaching it increases and accelerates the strength of the upward trend, opening the way directly to visit 1.3800.

Only from below is the return of trading stability below 1.3650, leading the pair to the downward path again to retest 1.3600.

Note: Today we are awaiting high-impact economic data issued by the US economy: the change in private sector jobs, the services purchasing managers’ index issued by the ISM, the meeting of the OPEC Joint Ministerial Follow-up Committee, and the speech of Christina Lagarde, President of the European Central Bank, and we may witness high volatility at the time of the news release.

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: 1.3675	R1: 1.3750
S2:  1.3610	R2: 1.3800
S3: 1.3570	R3: 1.3895