Noor Trends News, Technical Analysis, Educational Tools and Recommendations
During the previous trading session, the Canadian dollar successfully reached the initial target set at 1.3875, reaching its highest point at 1.3892.
From a technical perspective, our analysis leans toward optimism. The 50-day simple moving average continues to support the potential for an upward movement. Additionally, intraday trading stability above the 1.3830 support level, coupled with positive signals from the 14-day momentum indicator, strengthens the positive outlook.
As long as trading maintains its position above 1.3830, our optimism remains intact. We anticipate a further rise, targeting 1.3910. It’s worth noting that consolidation above this level serves as a motivating factor, enhancing the likelihood of an upward move towards 1.3945 and 1.3970, which are the awaited key levels.
However, if there is a return to trading stability below the 1.3830 support level, it might postpone the upside opportunities, although it wouldn’t cancel them entirely. In such a scenario, we could witness a retest of 1.3775 and 1.3740.
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.
| S1: |