CAD making strong gains positivity remains 31/8/2022

The Canadian dollar achieved all the required bullish targets during the previous analysis, heading towards touching the official price station at 1.3110 and recording its highest level at 1.3108.

Technically, the pair’s movements are witnessing stability above the psychological support level of 1.3000, accompanied by the positive motive of the simple moving averages that continue to hold the price from below, in addition to accelerating the bullish momentum in the short time frames.

Therefore, we maintain our positive outlook towards 1.3130, knowing that its breach is a catalyst that enhances the chances of a further rise towards 1.3185, the next station that may extend its targets later to visit 1.3210.

The decline below 1.3000 and most importantly 1.2990 postpones the idea of ​​the upside, and we may witness a slight bearish slope that aims to retest 1.2920 before resuming the rise again.

Note: Stochastic is trying to eliminate the current negativity, and we might witness price fluctuation before resuming the expected bullish path.

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: 1.2990	R1: 1.3130
S2: 1.2910	R2: 1.3185
S3: 1.2865	R3: 1.3260