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Positive trading dominated the movements of the Canadian dollar in the previous trading session, aligning with the anticipated bullish trend and reaching the initial target at 1.3750, marking its peak at 1.3777.
From a technical standpoint, a detailed analysis of the 4-hour timeframe chart reveals the pair’s establishment of stability above 1.3680. The 14-day momentum indicator continues to display positive signals, suggesting potential gains in the coming hours.
Consequently, there remains a possibility of reaching 1.3800 as the first target, and a consolidation above this level could serve as a catalyst for further advances towards 1.3840.
It is crucial to note that the proposed bullish scenario is contingent upon the hourly candle closing above 1.3680. Conversely, a closure below this level could undermine the bullish outlook, subjecting the pair to negative pressure and prompting a retest of 1.3630.
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.
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