Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Positive trading dominated the moves of the Canadian dollar, to complete the minor bullish correction that had previously taken place, benefiting from building on the support floor of 1.2700.
From a technical analysis angle, the pair continues to get a positive stimulus from the 50-day moving average, in addition to holding above 1.2700.
Therefore, we will maintain our positive outlook targeting 1.2800 first target, knowing that the confirmation of the breach of the aforementioned level increases rapidly and confirms the strength of the upside correction to be 1.2840 the next leg.
Returning to trading stability below 1.2700 negates the activation of the suggested scenario and puts the price under negative pressure, targeting 1.2650.
| S1: 1.2710 | R1: 1.2800 |
| S2: 1.2650 | R2: 1.2840 |
| S3: 1.2610 | R3: 1.2895 |
