Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Quiet trading tilted to the negative, dominating the movements of the Canadian dollar within a gradual decline to the downside, as we expected, approaching by a few points from the published target 1.2775, recording a low at 1.2783.
From the angle of technical analysis today, the current trading levels for the Canadian dollar need careful consideration, and we note the continuation of the formation of the 50-day moving average, an obstacle preventing the pair from rising. On the other hand, attempts appear to obtain bullish momentum on short time intervals.
With the conflicting technical signals and the price being confined around the current trading levels that need to be monitored, therefore we wait for the activation of the following pending orders: decline below 1.2775 leads the pair towards 1.2700/1.2720 areas while consolidating above 1.2865 increases the possibility of touching 1.2885, and we must pay close attention if 1.2885 is touched because its breach may be a catalyst for the pair to obtain positive signals to visit 1.2940.
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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