Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar retests the support published during the previous analysis at 1.2910, recording its lowest level at 1.2893 before returning to the bullish path.
Technically and carefully looking at the 4-hour chart, we notice the rapid bullish bounce that occurred with the stability of trading above 1.2910 accompanied by the clear positive crossover signs on stochastic, motivating the price towards the official bullish path.
Therefore, positivity remains the most preferred scenario, targeting 1.3050/1.3040. We should pay close attention to this level because the breach of a catalyst factor enhances the chances of rising towards 1.3110 and 1.3130, respectively, as long as the price is stable above 1.2885.
Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.
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