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The Canadian dollar jumped, achieving strong gains during the previous trading session, within the idea of the expected bullish bias, bypassing the official target price station 1.2660, to record the highest level at 1.2710.
Technically, and with the pair beginning to attack the resistance level of the psychological barrier, we should pay attention to the current trading levels. Looking at the 240 minutes chart, we find the simple moving averages supporting the bullish price curve, accompanied by the 14-day momentum indicator getting positive signs.
Therefore, there is a possibility to enhance the chances of the rise, knowing that the consolidation above 1.2710 extends the pair’s gains to visit 1.2755, a first target. After that, it may extend to visit 1.2810 as the next station, as long as the price is intraday stable above 1.2660 and the floor of the psychological support 1.2600.
The breach below 1.2595 leads the pair to trade negatively again to retest 1.2500.
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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