Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Yesterday, the Canadian dollar was dominated by negative trading after it failed to sustain positive stability above the support level of 1.3750, reaching its lowest point around the robust support of 1.3680.
Today’s technical analysis reveals that the simple moving average continues to exert negative pressure on the price from above, coupled with the distinct negative signals on the relative strength index over shorter time frames.
Given this, with trading stability below 1.3750, a downward trend emerges as the most probable scenario. It’s important to note that a dip below 1.3660 would ease the path to the next target of 1.3630, followed by 1.3575.
On the contrary, a breakthrough and price consolidation above 1.3750 could propel the pair to retest the 1.3800/1.3790 levels.
Caution: Today, we anticipate high-impact economic data releases from the US economy, including the Producer Price Index, Retail Sales, and New York State Manufacturing Index. From the UK economy, the Annual Consumer Prices will be released. These data releases may result in significant price fluctuations.
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: |