CAD trying to be positive 23/10/2023

Trading tended to be positive during the previous trading session, following the gradual upward path we expected, recording its highest level at 1.3734.

Technically, with the pair’s success in stabilizing above the previously breached resistance at the price of 1.3680, in addition to the positive incentive coming from the simple moving averages that returned to hold the price from below.

We may witness an upward trend during today’s trading session, targeting 1.3745, the first target, and breaching it will enhance the gains, as we await 13,770, the next official station.

Only from below is the return of trading stability again below the previously breached resistance that was converted to the support level of 1.3680, capable of thwarting the bullish scenario and putting the pair under negative pressure again, with targets starting at 1.3640 and extending to visit 1.3600.

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: 1.3680	R1: 1.3745
S2:  1.3640	R2: 1.3770
S3: 1.3615	R3: 1.3810