CAD building on support 5/9/2023

The Canadian dollar found a solid support ground near 1.3570, which helped it maintain temporary positive stability to begin attacking the psychological barrier resistance level of 1.3600, and the intraday movements witnessed stability above it.

From a technical standpoint today, we are leaning towards positivity, but with caution, in our trading, relying on the stability of intraday trading above 1.3530, in addition to the return of business regularity within the ascending price channel, in addition to the positive motivation of the 50-day simple moving average, as shown on the 4-hour time frame chart.

Therefore, there is an opportunity to visit 1.3660 as a first target, and gains may extend towards 1.3700, a next station, provided trading is maintained above the mentioned support level of 1.3530.

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: 1.3530	R1: 1.3660
S2: 1.3450	R2: 1.3705
S3: 1.3405	R3: 1.3785