CAD repeats the chances of rising 18/8/2022

We adhered to intraday neutrality during the previous report due to conflicting technical signals, clarifying that we are monitoring the pair’s price behavior from below around 1.2870 and from above around 1.2920.

Technically, we find the pair was able to stabilize above the 1.2870 resistance level and is now hovering around 1.2930, accompanied by the positive motive coming from the 50-day simple moving average, accompanied by the stability of the RSI above the mid-line 50.

Therefore, consolidation above 1.9230 increases the possibility of visiting 1.2960 initially. We should pay close attention to this level due to its importance for today’s trading, as its breach is a factor capable of enhancing the pair’s gains, opening the door towards 1.3000.

Only from below, the return to the stability of daily trading below 1.2870, renewing the chances of returning the descending path towards 1.2810, before determining the next price movement.

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: 1.2855	R1: 1.2965
S2: 1.2785	R2: 1.3000
S3: 1.2745	R3: 1.3070