CAD: positivity remains 5/10/2023

The Canadian dollar achieved the first bullish target published during the previous technical report at 1.3750, recording its highest level of 1.3780.

Technically, and with a closer look at the 4-hour time frame chart, the pair established an excellent support ground near the 1.3675 level, accompanied by positive motivation from the simple moving averages supporting the possibility of continuing the rise.

From here, with intraday trading remaining above 1.3670, the upward bias is the most likely during the current trading session, targeting 1.3770 as the first target, and breaching it increases and accelerates the strength of the upward trend, opening the way directly to visit 1.3800.

Trading stability below 1.3670, leading the pair to the downward path again, with the aim of retesting 1.3640 and 1.3610.

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: 1.3675	R1: 1.3770
S2:  1.3640	R2: 1.3820
S3: 1.3590	R3: 1.3860