Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The strong resistance levels located at 1.2135 managed to stop the bullish correctional tendency of the Canadian dollar, to start returning to the official bearish path again, recording its lowest level at 1.2043.
Technically, and with a closer look at the chart, we find the 50-day moving average continues to pressure the price from the top, meeting around the resistance level of 1.2135 and adding more strength to it, in addition to the intraday trading remaining below the support level of 1.2080.
Today’s technical factors indicate the possibility of a resumption of the decline, but we prefer to confirm a break of 1.2040, which puts the price under strong negative pressure, whose initial target is 1.2000, and we are content with this target only due to the high risk around the aforementioned level.
Exercising above and rising again above 1.2075/1.2080 may increase the probability that we will witness new attempts to rise intraday, targeting 1.2135.
| S1: 1.2000 | R1: 1.2110 |
| S2: 1.1965 | R2: 1.2175 |
| S3: 1.1900 | R3: 1.2215 |
