CAD extends gains 13/6/2022

Notable gains were achieved by the Canadian dollar within the expected bullish path during the previous report, touching the extended target required to be touched at 1.2810, recording its highest level during the early morning trading of today’s session at 1.2820.

Technically, and by looking at the 4-hour chart, we find that the pair continues to obtain positive stimulus from the simple moving averages, accompanied by the pair’s gaining bullish momentum on the short time intervals.

Therefore, we tend to be positive during today’s session, targeting 1.2870 the first target, knowing that its breach increases and accelerates the strength of the daily bullish trend, opening the door to visit 1.2910 next station unless we witness any trading below the previously breached resistance 1.2730.

The breach below 1.2730 leads the pair to retest the 1.2630 support level before rising again.

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: 1.2730	R1: 1.2870
S2: 1.2630	R2: 1.2915
S3: 1.2580	R3: 1.3000