Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar faced intense negative pressure at the end of last week’s trading. It started the first weekly trading with a bearish tendency; after it failed to settle above the 1.2665 level, it started the first weekly trading with a bearish tendency.
Technically, we notice a contradiction between the positive crossover signs that started appearing on the stochastic indicator and the continuation of the negative pressure coming from the 50-day moving average.
We stand on the sidelines for the moment to obtain a high-quality deal waiting for one of the following scenarios:
The breach of the psychological support level 1.2600 and, most importantly, 1.2580 increases the selling pressure to open the doors for, 1.2530/1.2500.
Activating long positions requires stability above 1.2665, 61.80% Fibo. This may be a catalyst that increases the possibility of retesting 1.2720, 50.0% Fibo, knowing the hat stability of trading above 1.2720 can enhance the gains of the Canadian dollar towards 1.2790 areas initially.
| S1: 1.2580 | R1: 1.2720 |
| S2: 1.2530 | R2: 1.2790 |
| S3: 1.2455 | R3: 1.2840 |
