Noor Trends News, Technical Analysis, Educational Tools and Recommendations
As we expected, the Canadian dollar made significant gains yesterday, touching the required profit-taking areas at 1.3365, recording its highest level at 1.3372.
From the point of view of technical analysis today, and by looking at the 4-hour chart, we find that the 14-day momentum indicator continues to defend the bullish daily trend, stimulated by the positive motive coming from the simple moving averages, and this comes with the bullish technical formation that supports a further rise.
Therefore, this encourages us to maintain our positive expectations, targeting 1.3400 as the first target, knowing that its breach is a catalyst that enhances the chances of a rise, to be waiting for 1.3435, and the gains may extend later to visit 1.3490.
Only from below, the return of trading stability again below 1.3300, leading the pair to a temporary bearish path, aiming to retest 1.3240.
Note: Stochastic around overbought areas.
Note: Today we are awaiting high-impact economic data issued by the US economy, “non-agricultural jobs data.”
“Average wages,” “Unemployment rates,” and from the Canadian economy, we await “Change in Canadian jobs,” and “Unemployment rate,” and prices may witness high fluctuations at the time of news release.
Note: The risk level is high and all scenarios are likely to occur.
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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