CAD maintains gains 7/9/2023

The Canadian dollar maintained positive stability for the second session in a row, touching the first upward target achieved during the previous trading session at 1.3680, recording its highest level of 1.3678.

Technically, and with a closer look at the 4-hour time frame chart, we find that the pair established a good support ground around the psychological barrier of 1.3600, accompanied by the positive motivation of the simple moving averages.

Therefore, there is an opportunity to continue the rise, noting that confirming the breach of the 1.3680 resistance level facilitates the task required to visit 1.3720, the next station, and then 1.3760, provided that trading remains above 1.3600.

We remind you that the price decline below 1.3600 puts the pair under strong negative pressure to retest the 1.3500 Fibonacci retracement 38.20%.

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: 1.3600	R1: 1.3680
S2: 1.3555	R2: 1.3720
S3: 1.3510	R3: 1.3760