Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar remains under the influence of a persistent downward trend, which gained momentum following the breach of the significant support level at 1.3760. Currently, the pair is stabilizing around its lowest level near 1.3725.
Examining the technical analysis on the 4-hour timeframe today, we observe a bearish technical pattern reinforcing the daily downtrend, coupled with the ongoing formation of simple moving averages exerting downward pressure.
Consequently, the likelihood of a continued downward trajectory during today’s session is prominent, with targets set at 1.3695 and 1.3660 respectively. It’s worth noting that a breach below 1.3660 could exacerbate the pair’s losses, leading to a direct descent towards 1.3620, identified as the next significant support level.
It’s important to emphasize that a return to trading stability above 1.3760, particularly 1.3780, has the potential to invalidate the bearish scenario and prompt a recovery in the pair, with an initial target positioned around 1.3840.
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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