Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar has experienced a gradual ascent in line with the anticipated positive outlook outlined in the preceding technical analysis, successfully reaching the initial target set at 1.3540, with its highest point recorded at 1.3542.
Examining the technical aspects today, intraday trading is holding below the psychological resistance threshold of 1.3500. The 14-day momentum indicator is now displaying negative signals, potentially prompting the pair to undergo some downward movements in the hours ahead.
It is plausible that the pair may retest the levels of 1.3470 and 1.3440, serving as the commencement of a renewed upward rebound. It’s worth noting that a substantial upward surge, coupled with price consolidation above 1.3530, would negate the realization of a retesting scenario. Instead, this would propel the pair to resume its upward trajectory directly towards the previously outlined analysis targets of 1.3570 and 1.3600.
Warning: The risk level is high due to ongoing geopolitical tensions, potentially resulting in heightened price volatility.
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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