Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Negative trading returned to control the Canadian dollar after hitting the resistance level of 1.3850, which forced the pair to trade negatively again, touching the level of 1.3610.
Technically, and carefully considering the 4-hour chart, we find the pair trying to build a base on the 1.3680 support level and, most importantly, 1.3640, as we find the momentum indicator started to provide positive signals in addition to the positive signals coming from the RSI.
Therefore, the possibility of a bullish bias during today’s trading session is still valid and effective, targeting retesting 1.3770 resistance and then 1.3820 next station unless we witness any trading below 1.3640.
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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