CAD maintains the bullish path 28/8/2023

The Canadian dollar achieved the first official target that should be touched during the previous technical report at 1.3640, recording its highest level at 1.3640.

Technically, by looking at the 4-hour chart, we find that the pair is still stable above 1.3560, and in general, above 1.3500, the support represented by 38.20% Fibonacci correction, which is calculated by the continuation of the positive impulse from the 50-day Simple Moving Average.

We tend to continue the rise, provided that we witness a clear and strong breach of the resistance of the psychological barrier 1.3600, which facilitates the task required to visit 1.3640, and the gains may extend later towards 1.3670.

It should be noted that confirmation of breaking the support floor at 1.3560 postpones the chances of a rise but does not cancel it, and we are witnessing a retest of 1.3500 before attempts to rise again.

Note: Stochastic is trying to get rid of intraday negativity.

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: 1.3560	R1: 1.3630
S2: 1.3530	R2: 1.3670
S3: 1.3490	R3: 1.3705