Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar came under selling pressure during the previous trading session within the expected negative outlook, in which we depended on the breach of the support level of 1.2710, heading for touching our first target of 1.2670, recording a low of 1.2674.
Technically, and with a closer look at the 60-minute chart, we find that the simple moving averages are still pressing the price from the top, in addition to the stability of intraday trading below 1.2710 and generally below 1.2745.
Therefore, we will maintain our negative outlook targeting 1.2675, and breaking it will extend losses towards our second target of 1.2645. A reminder that trading above 1.2745 is capable of aborting the expected bearish bias and the pair will recover temporarily with the aim of retesting 1.2800 and may extend later towards 1.2830.
| S1: 1.2670 | R1: 1.2745 |
| S2: 1.2645 | R2: 1.2800 |
| S3: 1.2595 | R3: 1.2820 |
