Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar maintained its positive stability above the pivotal support level published during the previous report, at 1.2600, to return to test the resistance level of the psychological barrier of 1.2700.
Technically, we see the pair now hovering around the 1.2665 resistance level represented by the 61.80% Fibonacci, trying to breach it. With careful consideration on the chart, we find the 50-day moving average trying to push the price to the upside, in addition to the RSI attempts to obtain bullish momentum on short time frames.
Therefore, we tend to the positivity, targeting 1.2720, 50.0% correction, knowing that its breach increases the strength of the bullish bias, paving the way for the pair to visit 1.2770, 38.20% correction, and the gains may extend later towards 1.2830.
We continue to suggest the bullish bias as long as trading is stable above the 1.2600 support level. Breaking it can thwart the bullish scenario and put the price under negative pressure again, with a target of 1.2510.
| S1: 1.2600 | R1: 1.2720 |
| S2: 1.2560 | R2: 1.2770 |
| S3: 1.2510 | R3: 1.2840 |
