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CAD, Dollar, Technical analysis

The Canadian Dollar: Repeats The Chances of a Rising 26/1/2022

Adel 26 January, 2022 11:53 am Daily Technical Analysis, Technical Analysis

The Canadian dollar is positively trying to recover after confirming the breach of the resistance level 1.2526 to retest the strong resistance level 1.2670.

Technically, by carefully looking at the 4-hour chart, we notice that the 50-day moving average is still holding the price from below, supporting the attempts to rise, and stochastic is trying to eliminate the current negativity.

Opportunities to rise are still valid and effective to visit 1.2670 and 1.2700, respectively, as long as the price is stable above the strong support level of 1.2565.

Note: Fed statement is due today and may cause high volatility.

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

S1: 1.2565R1: 1.2650
S2: 1.2465R2: 1.2700
S3: 1.2410R3: 1.2730

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