Move UI element towards direction it is facing

I have a text element which is rotated by some degrees. I want to move that towards the direction it is facing by some units in code.

This is what it looks like:

I want to move it a few units towards the direction it's facing so it looks like this:

Everything is contained in a Canvas and all thus all elements have a Rect Transform. The Rect Transform of the text in question for example has a rotation of -22 (in the z-axis).

I can only manage to move it in the x or y direction, but not in both in a uniform way. How can I do this?