CAD built on support 6/2/2023

The Canadian dollar was able to build on the support at 1.3330, which forced it to rebound to the upside, to succeed in retesting the resistance level of the psychological barrier 1.3400, recording its highest level at 1.3426.

Technically, and by looking at the 240-minute chart, we find that the 14-day momentum indicator continues to provide a positive motive on the short-term time frames, stable above the 50 mid-line, accompanied by the positive motive coming from the simple moving averages that returned to hold the price from below.

The bullish bias may be the most likely during today’s trading, targeting 1.3445 as the first target, considering that consolidation above 1.3445 is a catalyst that enhances the possibility of touching 1.3495 next station.

From below, the return of trading stability below 1.3330 can completely thwart the bullish scenario and lead the pair to the official bearish path, with an initial target of around 1.3265.

Note: Today we are awaiting high-impact data from the US economy, “Consumer Confidence Index,” and we may witness high volatility at the time of the news release.

S1: 1.3330	R1: 1.3445
S2: 1.3265	R2: 1.3495
S3: 1.3215	R3: 1.3560