CAD continues to climb gradually 7/2/2023

The positive performance of the Canadian dollar during the first trading of this week within the expected bullish path during the previous technical report, touching the first target at 1.3475, to record its highest level at 1.3475.

Technically, the continuation of the simple moving averages provides a positive motive that supports the possibility of an increase, in addition to the positive signs of the 14-day momentum indicator.

This encourages us to maintain our positive outlook, continuing towards the second target of the previous report 1.3475, knowing that the price’s consolidation above 1.3475 is a catalyst that enhances the chances of touching 1.3500, the expected station.

Only from below, the pair failed to maintain trading above 1.3380, and we may witness a bearish bias, targeting 1.3350 & 1.3320, before starting the rise again.

Note: Stochastic is around overbought areas, and we may witness some fluctuation until the official trend is obtained.

Note: Today, we are waiting for the speech of the “Chairman of the Federal Reserve”, which has a significant impact, and we may witness fluctuations in prices during the issuance of the speech.

S1: 1.3385	R1: 1.3470
S2: 1.3350	R2: 1.3510
S3: 1.3310	R3: 1.3560