CAD maintains a gradual climb 23/8/2023

Quiet positive trades continue to dominate the Canadian dollar’s movements within a gradual rise towards the required target of 1.3575, recording its highest level at 1.3565.

Technically, the 50-day simple moving average is still holding the price from below, in addition to the positive signs coming from the RSI, which is stable above the mid-line, in addition to breaching the resistance of the psychological barrier 1.3500, which turned into a support level.

We continue the rise, targeting 1.3575 as the first target, considering that the price’s breach of the mentioned level is a catalyst that enhances chances of rising towards 1.3600 and 1.3640, respectively.

It should be noted that confirmation of breaking the support floor of 1.3500, 38.20% correction, nullifies the activation of the suggested scenario and leads the pair to retest 1.3470, and then 1.3430, before attempting to rise again.

Note: Today, we are waiting for high-impact economic data issued by the US economy and England, such as “Services and Manufacturing PMI”, and from Canada, later in today’s session, we are waiting for “Retail Sales” in addition to the summit of the “BRICS” group We may witness high price volatility.

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: 1.3500	R1: 1.3575
S2: 1.3460	R2: 1.3610
S3: 1.3410	R3: 1.3655