CAD touches the required upward goals 22/2/2023

The Canadian dollar jumped yesterday, making significant gains, as we expected, touching the official target station during the previous analysis at 1.3530, recording the highest at 1.3550.

Technically, we believe that the bullish trend is still valid and effective based on the continuation of the pair obtaining a positive impulse from the simple moving average, which meets near the support floor of 1.3470 and adds more strength to it, in addition to the positive signs coming from the 14-day momentum indicator.

Therefore, the bullish scenario is the most favorable during the day, as they continue towards the third target of the previous report, 1.3580. The gains may extend later to visit 1.3620 once the breach of 1.3550 is confirmed.

Note: The pair is around overbought areas, and we may witness some fluctuation before getting the required direction.

Note: Today we are awaiting the “results of the Federal Reserve Committee meeting” and may witness high price fluctuations.

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: 1.3470	R1: 1.3580
S2: 1.3400	R2: 1.3620
S3: 1.3360	R3: 1.3690