CAD continues to climb 15/9/2022

The technical outlook is unchanged, and the movements of the Canadian dollar did not change much, maintaining the positive stability we expected after it confirmed the breach of the 1.3120 resistance level.

Technically, and with a careful look at the 4-hour chart, we find the simple moving average has returned to hold the price from below. This comes in conjunction with the pair getting positive signs from the 14-day momentum indicator.

From here, and steadily trading above the previously breached resistance, which turned it into a support level at 1.3110, the bullish bias is most likely, targeting 1.3245, a first target, and gains may extend later towards 1.3275.

The breach again below 1.3110 leads the pair to retest 1.3070 & 1.3020 directly. Warning: Stochastic negativity might lead the pair to some fluctuation before resuming the official track.

Note: “US Retail Sales” data is due to be released and has a meaningful impact, and we may see high volatility in prices.

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: 1.3120	R1: 1.3245
S2: 1.3070	R2: 1.3330
S3: 1.3020	R3: 1.3470