Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar’s movements witnessed a bullish bounce during the previous trading session, clarifying the importance of the pivotal support floor located at 1.2710, which forced the pair to rally to the upside to visit 1.2860.
From the angle of technical analysis today, and with careful consideration of the 4-hour chart, we notice the intraday stability of the pair above the 1.2800 level, as we notice the return of the 50-day moving average to hold the price from below, and this comes in conjunction with the 14-day momentum indicator getting more positive signals.
Therefore, the bullish scenario may be the most preferred today, targeting 1.2900 first target. Its breach is a catalyst that enhances the chances of rising towards 1.2960 and 1.2990, respectively, as long as the price is stable above 1.2750 and above 1.2710.
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.
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