Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar retreated, moving away from its recent high of 1.4306, initiating a downward correction. Currently, the pair is stabilizing near its session low of 1.4166.
Technical Analysis
On the 4-hour chart, the simple moving averages (SMA) are exerting negative pressure on the price, reinforcing the possibility of continued downside movement. The 14-day momentum indicator is also showing clear bearish signals, supporting the correction scenario.
- Bearish Scenario: A further decline towards 1.4145 is likely, with a potential extension to 1.4105 as the next key support level.
- Bullish Scenario: If the pair reclaims 1.4225, the bearish outlook may be invalidated, opening the door for a retest of 1.4275 and possibly higher.
Market Outlook and Risk Warning
Given ongoing market uncertainties, traders should remain cautious, as the risk level remains high and all scenarios remain possible.
Disclaimer
This analysis is for informational purposes only and does not constitute financial advice. Trading foreign exchange involves risk, and traders should always conduct their own research and exercise caution.
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