CAD: Maintains Gradual Rise 23/2/2022

The Canadian dollar maintains positive stability within attempts to gradually rise, approaching a few points at the target of 1.2800, recording the highest at 1.2790.

Technically, with the pair’s success in establishing a solid support floor in general above 1.2665 and the movement above the 50-day moving average, in addition to the stability of intraday trading above 1.2730, 23.60% Fibonacci correction.

Therefore, the possibility of continuing the rise is still intact to target 1.2800, knowing that its breach is a catalyst, which increases the chance of visiting 1.2830 and 1.2870. In general, we expect the rise to continue as long as trading is stable above 1.2665.

Note: Stochastic is trying to eliminate the intraday negativity, and we might witness some fluctuations.

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: 1.2800
S2: 1.2665	R2: 1.2830
S3: 1.2590	R3: 1.2870