CAD Making Gains 27/4/2022

Notable gains dominated the Canadian dollar’s movements with the opening of last week’s trading after it succeeded in bouncing on the 1.2700 support floor, heading towards touching the official station that needs to be touched in the previous technical report at 1.2830, recording its highest level at 1.2827.

Technically, we tend in our trading to the positive, relying on the positive motive coming from the simple moving averages that continue to hold the price from below and the positive signals coming from the RSI on the short time frames.

Therefore, the bullish scenario remains valid, knowing that the consolidation above 1.2830 accelerates and confirms the strength of the daily bullish trend, so we will be waiting for 1.2870 and 1.2910 consecutive targets as long as the price is stable above 1.2740.

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: 1.2740	R1: 1.2870
S2: 1.2660	R2: 1.2910
S3: 1.2610	R3: 1.2995