CAD witnessing an upward rebound 29/6/2023

A bullish retracement dominated the Canadian dollar’s movements, building on a solid support floor near 1.3110, to start today’s trading session on an upward slope, and the intraday movements settled around its highest level at 1.3270.

Technically, and by looking at the 4-hour chart, we find that the 14-day momentum indicator continues to defend the bullish daily direction and is motivated by the positive impulse from the simple moving averages.

Therefore, the bullish trend is the most likely during the day, targeting 1.3300 as the first target, and breaching it is a catalyst that increases and accelerates the strength of the bullish trend, to be waiting for 1.3340.

Only from below, trading stability will return below 1.3210, leading the pair to a downside path, with targets of 1.3160 and 1.3130, respectively.

Note: Today, we are awaiting high-impact economic data issued by the US economy “Quarterly Gross Domestic Product”, and we may witness high volatility 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: 1.3215	R1: 1.3300
S2: 1.3160	R2: 1.3340
S3: 1.3130	R3: 1.3390