CAD continues to climb gradually 31/5/2023

The technical outlook is unchanged, with the Canadian dollar continuing to maintain positive stability, continuing its gradual rise to the upside, recording its highest level during the early trading of the current session at 1.3640.

Technically, and by looking at the 4-hour chart, we find that the simple moving averages returned to hold the price from below. We also find that the RSI continues to provide its positive signals and the bullish technical formation shown on the chart.

The daily trend is bullish, and targets start at 1.3665, the first target, and its breach increases and accelerates the strength of the bullish trend, to visit 1.3690 next station, whose targets may extend later towards 1.3740, as long as trading is stable above 1.3560.

Closing the hourly candlestick below 1.3555, the previously breached resistance that turned it into a support level, delaying the chances of ascending, and we may witness some negative pressure to retest 1.3500.

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: 1.3595	R1: 1.3660
S2: 1.3545	R2: 1.3690
S3: 1.3520	R3: 1.3740