Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar maintained the bullish bias that started at the end of last week’s trading to cancel the idea of retesting the support published during the previous analysis and continues the positive stability above 1.2600.
Technically, we tend to the positivity, relying on the positive signs of the 14-day momentum indicator and its stability above the mid-line 50, in addition to the pair’s success in confirming the breach of 1.2575.
Therefore, we may witness a bullish bias during the current session, targeting 1.2660, knowing that the confirmation of the pair’s breach of the mentioned level increases and accelerates the strength of the bullish bias so that we will be waiting for 1.2700 initially, and the pair may touch 1.2720.
Only from below, the return of intraday stability below 1.2540 may cancel the suggested bullish scenario and renew the chances of negative pressure on the pair to visit 1.2480/1.2500.
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: 1.2585 | R1: 1.2660 |
| S2: 1.2535 | R2: 1.2700 |
| S3: 1.2500 | R3: 1.2740 |
