Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The USD/CAD pair recorded modest gains during today’s session as it attempted to recover from recent losses, showing cautious bullish momentum in intraday trading.
Technical Outlook – 4-hour Chart:
Despite the slight rebound, the pair remains under pressure from the simple moving averages acting as dynamic resistance. Additionally, the Relative Strength Index (RSI) continues to hover below the 50 mark, reinforcing the potential for a renewed bearish move.
Probable Scenario – Bearish Bias:
As long as the pair trades below 1.3590, the downtrend remains intact, opening the door for further declines toward:
- 1.3555 as the initial support target
- 1.3510 as the next downside level
Cautionary Note:
Sustained trading below the strong resistance at 1.3680 is critical to maintain the bearish outlook. However, a confirmed break above 1.3680 could trigger a short-term recovery, with potential upside targets at:
- 1.3720, followed by
- 1.3750
Warning:
Ongoing geopolitical and trade tensions contribute to a high-risk trading environment where multiple scenarios remain plausible.
The U.S. Non-Farm Payrolls (NFP) data is scheduled for release today and may cause elevated market volatility.
Risk Disclaimer: Amid global economic uncertainties and trade tensions, risk levels remain high. Traders should proceed with caution and be prepared for a range of market scenarios.
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