CAD continues to work inside the bullish channel 9/3/2023

Positive trades dominated the movements of the Canadian dollar, as we expected, with a gradual rise to the upside, approaching a difference of a few points from the target to be achieved yesterday at 1.3830, recording its highest level at 1.3817.

Technically, the bullish context is still the most probable, based on the continuation of the pair obtaining a positive impulse from the 50-day simple moving average and the regularity of work within the ascending channel, as shown on the above 4-hour chart.

From here, and with trading remaining above 1.3730, the bullish bias is the most favorable during today’s trading session, targeting 1.3830 as a first target, and then 1.3890 as the next station, the positive targets may be extended later towards 1.3905.

From below, the return of trading stability below 1.3730 can completely cancel the suggested scenario and put the price under strong negative pressure, as its initial target is around 1.3680.

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: 1.3765	R1: 1.3835
S2: 1.3710	R2: 1.3865
S3: 1.3680	R3: 1.3905