CAD continues to make gains 27/9/2022

A strong rise for the Canadian dollar within its highest levels in several years, attacking the 1.3800 level, recording the highest 1.3810, after establishing good support around 1.3620.

Technically, and by looking at the 4-hour chart, we notice the overbought signs that started to appear on the stochastic indicator and may lead the pair to retest 1.3620 before resuming the rise again, knowing that the possibility of a drop in the coming hours does not contradict the general trend. The bullish one, whose targets are located around 1.3910, once the breach of the psychological barrier of 1.3810 is confirmed.

Note: Markets are still unstable and we may see random moves.

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: 1.3565	R1: 1.3810
S2: 1.3440	R2: 1.3935
S3: 1.3320	R3: 1.4060