Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar met the previous report’s target at 1.4520, reaching 1.2828 at the time of writing.
Technical Outlook
- Bullish Scenario: The simple moving averages continue to provide positive momentum, reinforcing the likelihood of further gains. Additionally, the 14-day momentum indicator on short-term timeframes supports the upward bias. A continuation of this trend could see the pair targeting 1.4580 as the next milestone, with a breakout above this level accelerating gains toward 1.4630.
- Bearish Scenario: A return to trading below 1.4425 could place the pair under temporary downward pressure, potentially pulling it toward 1.4320 before resuming any upward attempts.
Risk Warning: The Stochastic oscillator is approaching overbought territory, suggesting possible short-term fluctuations before the next directional move.
Disclaimer
This analysis is for informational purposes only and does not constitute financial advice. Trading foreign exchange involves risk, and traders should always conduct their own research and exercise caution.
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