CAD maintains positive stability 19/8/2022

Positive trading dominated the movements of the Canadian dollar after maintaining positive stability above the strong support floor at 1.2870, touching the required profit-taking order at the target of 1.2960, recording the highest level at 1.2967.

Technically, we tend in our trading to the positive, relying on the stability of the intraday trading above the breached resistance of 1.2900, accompanied by the pair getting positive momentum signals from the 14-day momentum indicator.

Therefore, we maintain our positive expectation provided that we witness a clear and strong breach of the 1.2960 resistance level, which facilitates the task required to visit 1.3000/1.2990, a first target.\

The price behavior of the pair must be monitored around this level due to its importance to the general trend on the intraday term, and its breach extends the gains towards 1.3030 and 1. 3070 in a row unless we witness any trading below 1.2850/1.2860.

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: 1.2900	R1: 1.2990
S2: 1.2850	R2: 1.3030
S3: 1.2800	R3: 1.3075