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The Canadian dollar successfully reached the initial upward target in the preceding trading session, attaining the milestone at 1.3500 and marking its peak at 1.3502.
Analyzing the 4-hour chart, we observe the simple moving averages persisting in guiding the price from below, concurrently with positive signals from the momentum indicator.
Hence, with trading stability above 1.3450, the bullish scenario maintains its validity, targeting 1.3530 as the initial goal. Confirming this breach would extend the pair’s gains, clearing the path for further advances towards 1.3560.
On the downside, slipping below 1.3450 might postpone the probability of an ascent, although it doesn’t annul it. Such a move would subject the pair to negative pressure, aiming for a retest of 1.3400 before potentially resuming the upward trajectory.
Warning: Today, significant economic data is anticipated from the United States, featuring “retail sales,” along with the release of “annual consumer prices” from the United Kingdom. Be prepared for heightened price volatility during 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.
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