CAD maintains the bullish trajectory 15/8/2023

The technical outlook is as it is, without change, and the pair’s movements did not change significantly, maintaining its bullish path after establishing a good support base of around 1.3400.

From the point of view of technical analysis today, the 50-day simple moving average still carries the price from below, in addition to Stochastic’s attempts to gain more bullish momentum on the 240-minute time frame.

We tend to rise, targeting 1.3470, and breaching it is a catalyst that enhances the chances of the price heading towards 1.3500, and then 1.3540, respectively.

It should be noted that confirming the breach of 1.3390 can thwart the bullish scenario, and we are witnessing the beginning of the formation of a bearish slope, aiming to retest the key support 1.3350.

Note: Today we are waiting for high-impact economic data issued by the US economy, “Producer Price Index” and “Initial Consumer Confidence” and from England, we are waiting for the “Gross Domestic Product” indicator, and we may witness high volatility in prices.

Note: Today we are awaiting high-impact economic data issued by the US economy “Retail Sales” “New York State Manufacturing Index” and from Canada we await “Monthly Consumer Prices” and from England we await “Change in Unemployment Claims” and we may witness high volatility in prices.

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: 1.3395	R1: 1.3470
S2: 1.3345	R2: 1.3500
S3: 1.3305	R3: 1.3550