CAD achieves the first goal 1/11/2023

During the previous trading session, the Canadian dollar successfully reached the initial target set at 1.3875, reaching its highest point at 1.3892.

From a technical perspective, our analysis leans toward optimism. The 50-day simple moving average continues to support the potential for an upward movement. Additionally, intraday trading stability above the 1.3830 support level, coupled with positive signals from the 14-day momentum indicator, strengthens the positive outlook.

As long as trading maintains its position above 1.3830, our optimism remains intact. We anticipate a further rise, targeting 1.3910. It’s worth noting that consolidation above this level serves as a motivating factor, enhancing the likelihood of an upward move towards 1.3945 and 1.3970, which are the awaited key levels.

However, if there is a return to trading stability below the 1.3830 support level, it might postpone the upside opportunities, although it wouldn’t cancel them entirely. In such a scenario, we could witness a retest of 1.3775 and 1.3740.

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: 1.3830	R1: 1.3910
S2:  1.3775	R2: 1.3945
S3: 1.3740	R3: 1.3990