CAD continues to gradually rise 27/9/2023

Positive trading continues to control the movements of the Canadian dollar within the expected upward path during the previous technical report, maintaining positive stability above the strong support floor 1.3450.

Technically, we are leaning towards positivity in our trading, relying on the pair’s success in crossing upwards and rising above the psychological barrier resistance of 1.3500, with the pair’s attempts to stabilize above the 50-day simple moving average, accompanied by the Relative Strength Index’s attempts to obtain more positive signals.

Therefore, the upward bias may be the most preferred during the day, knowing that we are targeting 1.3550/1.3540 as the first target, knowing that breaching it will enhance the gains, so we are waiting to touch 1.3580, and the gains may extend towards 1.3620.

From below, Trading stability with at least an hour candle closing below 1.3450 is capable of thwarting the upward attempts and leading the pair to the downward path to retest 1.3400.

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: 1.3470	R1: 1.3550
S2:  1.3420	R2: 1.3580
S3: 1.3390	R3: 1.3625