CAD is waiting for a stronger signal 15/2/2023

The Canadian dollar is repeating attempts to rise. However, trading is still within a narrow path confined from below, above the support level of 1.3330, and from above, below the resistance level of 1.3380.

Technically, the stochastic indicator sent positive intersection signals in the 240-minute timeframe. Furthermore, we find the momentum indicator trying to obtain positive signals on the short-term intervals. These technical factors support the possibility of an increase; on the other hand, the 50-day simple moving average is still an obstacle for the pair. It stays near 1.3390 and adds more strength to it.

We prefer to monitor the price behaviour of the pair and wait for the following pending orders to be activated:

To get an upward trend, we need to witness a clear breach of the resistance level of 1.3380 to target 1.3410, considering that the breach of 1.3410 is a catalyst that enhances the chances of visiting 1.3460.

To get a bearish trend, breaking the strong support floor 1.3330, to target 1.3295 & 1.3265, respectively.

Note: Today we are awaiting high-impact economic data issued by the US economy, “retail sales, the manufacturing index of New York State, in addition to the speech of the European Central Bank governor, in addition to the consumer price index from the United Kingdom.

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: 1.3295	R1: 1.3410
S2: 1.3225	R2: 1.3460
S3: 1.3175	R3: 1.3530