Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar remains on the negative side, as we expected, in which we relied on breaking the support level of 1.2985, heading directly towards the first target 1.2930, to record its lowest level during the previous session at 1.2923.
Technically, the technical factors indicate the possibility of continuing the decline, as we find the simple moving averages continue the negative pressure on the price from the top, accompanied by clear negativity on the stochastic indicator.
Nevertheless, we prefer to remain neutral and await confirmation of a break of 1.2920, which leads the pair to continue the bearish path to visit our second target 1.2875, and then 1.2830.
Breaking 1.3010 resistance level is a catalyst boosting the possibility of a re-selection of 1.3060.
| S1: 1.2920 | R1: 1.3010 |
| S2: 1.2875 | R2: 1.3055 |
| S3: 1.2830 | R3: 1.3100 |
