Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar found solid support around the 1.2630 level, which forced it to trade positively again within a bullish bounce that aimed to retest 1.2720.
Technically, today, the current moves see the price stability above the 1.2660 support level at the 61.80% Fibonacci level. We also notice the positive incentive provided by the 50-day moving average that pushes the price to rise.
Therefore, we are biased positively today. Knowing that confirming the resistance level breach around which the pair is now hovering 1.2720, 50.0% correction, can enhance chances of rising to visit 1.2780, a first target. Stability above 1.2780 will lead to more gains en route to 1.2835.
Only from below, the return of trading stability again below 1.2650/1.2645 will negate the suggested bullish scenario, and we see a slight bearish bias with an initial target of 1.2570 before attempts to rise again.
| S1: 1.2645 | R1: 1.2780 |
| S2: 1.2570 | R2: 1.2835 |
| S3: 1.2510 | R3: 1.2910 |
