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Positive momentum continued to drive the movements of the Canadian dollar, with the currency reaching its peak at 1.3565 after breaking through the psychological resistance level of 1.3500 and establishing stability above it.
In terms of technical analysis today, we maintain a bullish outlook, supported by the currency’s ability to hold above 1.3500 and the positive signal from the simple moving averages, which are now providing support from below.
As such, the upward bias remains the preferred scenario for the day, targeting 1.3600. Further consolidation above this level could pave the way for a move towards 1.3635, the next significant level.
However, a return to stability below 1.3480 would signal renewed downside pressure, potentially leading the pair back towards the bearish path with initial targets starting at 1.3430.
Warning: Today’s trading session may be influenced by a speech from Jerome Powell, Governor of the Federal Reserve, potentially resulting in heightened volatility.
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.
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