Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar continues the expected bullish path, approaching a few points from the first target published in the previous analysis at 1.3060, recording the highest price of 1.3052 after building the 1.2960 support level.
Technically, we tend to the positivity, relying on the pair’s continuation of obtaining positive momentum signals from the 14-day momentum indicator, which coincides with the positive motive from the 50-day simple moving average.
From here, and with the price stability intraday above 1.2960, this makes the continuation of the rise more preferable today, targeting 1.3050, taking into account that the cohesion above the mentioned level is a catalyst that enhances the chances of touching 1.3095. Gains may extend to 1.3110 unless we witness stability for the price below 1.2960; the daily trend is bullish. The pair is consolidating above the strong support floor 1.2900.
Technical: Signs of negativity started appearing on stochastic as a result of intraday overbought, and we may witness a slight bearish bias before continuing to rise again.
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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