Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Positive trading has returned to the Canadian dollar after it found solid demand near the psychological barrier of 1.3800, sparking a modest upward bounce.
From a technical perspective, the 4-hour chart shows the pair attempting to shake off the negative pressure stemming from overbought conditions, while the simple moving averages are beginning to provide support and encourage further gains.
There is potential for continued upward momentum, with the key level to watch at 1.3860. A confirmed break above this resistance could open the way for additional gains, targeting 1.3920 as the next objective. If bullish momentum persists, the rally could extend further toward 1.3950.
Traders should remain cautious ahead of the release of high-impact U.S. economic data, including Preliminary GDP (Quarterly) and Weekly Unemployment Claims. These events are likely to generate significant market volatility.
Risk Disclaimer: Amid global economic uncertainties and trade tensions, risk levels remain high. Traders should proceed with caution and be prepared for a range of market scenarios.
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