CAD trying to get rid of negativity 8/9/2023

The technical outlook is unchanged, and the pair’s movements did not change significantly, maintaining positive stability and recording its highest level near the psychological barrier of 1.3700.

Technically, and by looking closely at the 4-hour chart, we find that the pair established a good support base around the psychological barrier of 1.3600, accompanied by the positive impulse of the simple moving averages.

Therefore, there is an opportunity to continue the rise, knowing that confirming the breach of the 1.3680 resistance level facilitates the task required to visit 1.3720 next station, and then 1.3760, on the condition that trading remains above 1.3600.

We remind you that the price infiltration below 1.3600 puts the pair under strong negative pressure to retest the 1.3500 Fibonacci retracement 38.20%.

Note: Stochastic started to provide negative signals, and we may witness some fluctuation until we get the official trend.

Note: Today we are awaiting high-impact economic data issued by the Canadian economy, “Unemployment rate and job change”, and we may witness a high fluctuation in prices at the time of the news release.

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: 1.3635	R1: 1.3700
S2: 1.3600	R2: 1.3730
S3: 1.3565	R3: 1.3760