CAD continues to gradually rise 6/9/2023

Positive trading dominated the movements of the Canadian dollar yesterday within the bullish context expected during the previous technical report, touching the target of 1.3660, recording its highest level of 1.3670.

Technically, and with a closer look at the 4-hour time frame chart, we find that the pair established a good support ground around the psychological barrier of 1.3600, accompanied by the positive motivation of the simple moving averages.

Therefore, there is an opportunity to continue the rise, noting that confirming the breach of the 1.3680 resistance level facilitates the task required to visit 1.3720, the next station, and then 1.3760, provided that trading remains above 1.3600.

Note: Today we are awaiting high-impact economic data issued on the Canadian economy, “the Canadian interest rate and the interest statement from the Bank of Canada” and the “Services Purchasing Managers’ Index (ISM)” from the United States of America, and we may witness high volatility at the time of the news’s release.

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: 1.3600	R1: 1.3680
S2: 1.3555	R2: 1.3720
S3: 1.3510	R3: 1.3760