Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Positive trading returned to control the movements of the Canadian dollar to reflect the daily bearish trend as we expected, touching the stop-loss order published during the previous analysis at the price of 1.3680, supported by the rise of the US dollar.
Technically, the pair is now hovering around the resistance level of 1.3680, accompanied by the price stability above the 50-day simple moving average, which came back again to carry the price from below. On the other hand, we find the stochastic indicator around the intraday overbought areas.
We may witness a bearish bias in the coming hours to retest 1.3640 initially before attempts to rise again, bearing in mind that breaking the target level increases the possibility of visiting 1.3580.
The bearish bias does not contradict the weak bullish trend, whose targets start around 1.3760.
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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