CAD touches the extended goal 3/10/2023

The Canadian dollar jumped to achieve substantial gains within the expected positive outlook during the previous report, touching the official target to be achieved at 1.3670, recording its highest level during the morning period of today’s session at 1.3705.

Technically, and with a closer look at the 4-hour time frame chart, we find that the pair penetrated the resistance level of the psychological barrier 1.3600, which was transformed into a support level, accompanied by the pair continuing to receive a positive stimulus from the simple moving averages.

From here, with daily trading remaining above 1.610, the upward bias is the most likely during the current trading session, targeting 1.3750 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 1.3600, leading the pair to the downward path again as we wait for the price to head towards 1.3510 initially.

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: 1.3610	R1: 1.3750
S2:  1.3510	R2: 1.3800
S3: 1.3460	R3: 1.3895