Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar declined noticeably within the expected negative outlook. We relied on the price stability below the 1.2850 resistance level, explaining that trading below 1.2800 leads the pair to visit our first target 1.2755, recording the lowest at 1.2745 during the early morning trading.
Technically, the pair achieved a clear break of the 1.2800 support-into-resistance and stabilised in general below 1.2850 and lost the bullish momentum.
Therefore, the bearish slope remains valid and effective, targeting 1.2710 an awaited price station. We must pay close attention and monitor the price behavior of the pair around this level, because a break extends the losses so that we are waiting for 1.2675.
Consolidating above 1.2810 will postpone the chances of a decline, but it does not cancel them, and we may witness a slight bullish slope that aims to retest 1.2850 before retracing.
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