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The technical outlook for the Canadian dollar remains consistent, with no significant alterations in its movements. The currency continues to exhibit positive stability, initiating an assault on the psychological barrier resistance level of 1.3800, reaching its peak at 1.3816.
From a technical analysis perspective today, our trading inclination leans towards positivity. We rely on the currency’s stability above 1.3760, supported by positive signals from the Relative Strength Index, which maintains its position above the 50 midline.
Consequently, the most likely scenario for the day is an upward bias, contingent upon a confirmed breach of 1.3800. Such a breach would serve as a motivating factor, potentially bolstering the pair’s gains. In this scenario, the pathway opens directly to 1.3830 and 1.3860, with further gains possibly extending to 1.3900.
It is essential to note that a return to trading stability below 1.3760 could thwart the proposed bullish scenario, redirecting the pair to a downward trajectory. Downside targets in such a scenario include 1.3715 and 1.3685.
Warning: The Stochastic indicator is attempting to negate immediate negative signals, and price fluctuations may occur until the official direction is confirmed.
Warning: Today’s market is anticipating high-impact press talks, including a speech by Christina Lagarde, Governor of the European Central Bank. Additionally, significant economic releases are expected from the United Kingdom, such as the monthly GDP index. From the American economy, the “preliminary reading of the consumer confidence index” issued by the University of Michigan is awaited. Be prepared for potential high fluctuations in prices during these news releases.”
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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