Canadian is making notable gains 4/1/2023

Positive trades dominated the movements of the Canadian dollar during the previous trading session after it confirmed the breach of the resistance level of the psychological barrier 1.3600, explaining that this may motivate the pair to visit 1.3660 and then 1.3700, recording the highest 1.3685.

Technically, the simple moving average returned to provide a positive motive, in addition to the stability of intraday trading above the resistance level of 1.3600 and the positive momentum signs.

Despite the technical factors that support the possibility of a rise, we prefer to witness a clear and strong breach of the 1.3680 resistance level, to confirm the positivity of the visit to 1.3710 and 1.3760, respectively.

From below, the return of intraday trading stability below 1.3600 leads the pair to the downside path again to retest the strong support 1.3425/1.3545. Note: Stochastic is around overbought areas, and we may witness fluctuation until we get the official trend.

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: 1.3545	R1: 1.3710
S2: 1.3455	R2: 1.3780
S3: 1.3380	R3: 1.3870