CAD continues to achieve bullish goals 9/8/2023

As we expected, the Canadian dollar jumped to achieve significant gains yesterday, within the positive technical outlook, touching the official target at 1.3480, recording the highest at 1.3502.

From the point of view of technical analysis today, we find that the pair succeeded in establishing a good support base around 1.3355, accompanied by the continuation of the pair obtaining positive incentives from the 50-day simple moving average.

From here, with trading steadily above the support floor of 1.3355, that encourages us to keep our positive expectations, targeting 1.3500, the 38.20% correction, as the first target, taking into consideration that its breach is a catalyst that increases the chances of the price heading towards achieving more gains, to visit 1.3560 & 1.3600.

Activating the bullish scenario depends on trading remaining above 1.3355, and breaking it nullifies the activation of the suggested scenario, and we are witnessing the beginning of forming a bearish bias towards 1.3290 & 1.3250 initially.

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: 1.3355	R1: 1.3500
S2: 1.3290	R2: 1.3560
S3: 1.3220	R3: 1.3630