CAD trying to maintain the bullish path 27/4/2023

The bullish trend still dominates the Canadian dollar’s movements, with a gradual rise to the upside within the expected bullish context. However, it reached its highest level, around 1.3650 resistance, which succeeded in limiting the bullish bias.

Technically, the bullish trend is still the most preferred, relying on trading stability above the 50-day simple moving average, which

Therefore, we maintain our positive expectations, targeting 1.3650 as the first target, taking into consideration that breaching it increases and accelerates the strength of the bullish daily trend, opening the door for the pair to visit 1.3680 next station, as long as intraday trading is stable above 1.3590.

Note: Stochastic is trying to get rid of the current negativity and is trying to gain additional momentum.

Note: Today we are awaiting high-impact economic data issued by the US economy, the reading of the gross domestic product, and we may witness price fluctuations at the time of the news.

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: 1.3590	R1: 1.3650
S2: 1.3560	R2: 1.3680
S3: 1.3500	R3: 1.3710