CAD maintains positive stability 8/12/2022

The technical outlook is unchanged, and the Canadian dollar did not change significantly, maintaining positive stability, to start the early trading of today’s trading session, stable above 1.3620.

Technically, we find the 50-day simple moving average continues to hold the price from below, and this comes in conjunction with the clear positive signs on the momentum indicator.

Therefore, the bullish bias is more likely during the day, provided that we witness a breach of 1.3700, which is a catalyst that extends the pair’s gains, as we await further rise towards 1.3735 & 1.3800.

Alert: Stochastic is around overbought areas, and we may witness some fluctuation before getting the official trend.

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: 1.3620	R1: 1.3730
S2: 1.3550	R2: 1.3770
S3: 1.3505	R3: 1.3840