Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar exhibited a notable upward momentum, aligning with the anticipated positive outlook and reaching the initial target specified in the previous technical report at the price of 1.2625. The pair achieved its highest level at 1.3620.
Upon closer examination of the 4-hour chart from a technical perspective, the pair encountered difficulty in sustaining its gains above the psychological barrier resistance of 1.3600. This led to an immediate shift towards negative territory. Notably, the stochastic indicator is signaling attempts to secure positive crossover signals, supporting the potential resurgence of the bullish bias. This coincides with the pair’s stability above the 1.3540 support level.
Our current stance is optimistic, with the objective of retesting 1.3620. It is important to highlight that a successful breach of this level serves as a motivating factor, enhancing the likelihood of an ascent to visit 1.3660 and 1.3680, respectively, as long as trading remains steadfast above 1.3540.
A word of caution is in order: Today’s anticipation of high-impact economic data from the American economy—specifically NFP jobs data, average wages, and unemployment rates—may result in considerable price fluctuations during the news release. Additionally, the high level of risk persists amid ongoing geopolitical tensions, potentially contributing to heightened price volatility. Exercise caution and remain vigilant in responding to market developments.
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: |