CAD sticks to the positivity 2/3/2023

The Canadian dollar’s movements tended to be positive during the previous trading session, recording a high of 1.3660 after achieving a significant build-up above the support level of 1.3575.

Technically, expectations indicate the possibility of achieving more gains based on the positive motif from the 50-day simple moving average, which coincides with the clear bullish momentum signs on the 14-day momentum indicator on the 60-minute time frame.

Therefore, the chances of ascending are still present, targeting 1.3650 as the first target, and its breach reinforces the gains so that we will be waiting for 1.3700, the next official station, as long as trading is stable above 1.3575.

Alert: Stochastic is trying to eliminate the current negativity, and we might witness some fluctuation until we get the official trend for today.

Note: Today, we are waiting for the speech of the “Chairman of the Federal Reserve”, which has a significant impact, and we may witness fluctuations in prices during the issuance of the speech.

S1: 1.3575	R1: 1.3650
S2: 1.3540	R2: 1.3700
S3: 1.3500	R3: 1.3740