The Canadian Dollar is Making Remarkable Gains 28/1/2022

The Canadian dollar jumped, achieving noticeable gains as expected, coming close by a few points from the required target of 1.2765, recording its highest level at 1.2748.

Technically, the pair succeeded in establishing a solid support floor around 1.2665, accompanied by the positive motive of the 50-day SMA and the momentum indicator getting more positive signals.

The bullish scenario is the most hopeful during today’s session to target 1.2765, and it should be noted that its breach will enhance the pair’s gains so that 1.2810 is the next price stop and a selling focus point.

Trading below the 1.2700 level, and most importantly 1.2665 postpones the idea of ​​the rise but does not cancel it, and we may witness a slight bearish slope that aims to retest 1.2610 before repeating the attempts to rise again.

Note: CFD trading involves risks; all scenarios may occur.

S1: 1.2665	R1: 1.2765
S2: 1.2610	R2: 1.2810
S3: 1.2570	R3: 1.2865