CAD is making remarkable gains 10/5/2022

The Canadian dollar achieved noticeable gains with the opening of the current trading sessions within the expected positive outlook, surpassing the second official target required to be touched during the previous technical report, 1.2980, recording its highest level at 1.3037 during the early trading of the current session.

Technically, we tend in our trading to the positivity, relying on the continuation of the pair receiving a positive stimulus from the simple moving averages, which coincides with the positive signs of the RSI and its stability above the mid-line 50.

From here and steadily trading above 1.2930, the bullish bias is more likely, provided that we witness a breach of 1.3035 to target 1.3060, the next target, and extend later to visit 1.3115, an awaited station.

The return of trading stability below 1.2925 postpones the chances of rising but does not cancel them, and we may witness a retest of 1.2850 before resuming the rise again.

Note: Stochastic is trading around overbought areas.

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: 1.2925	R1: 1.3060
S2: 1.2845	R2: 1.3115
S3: 1.2790	R3: 1.3190