Noor Trends News, Technical Analysis, Educational Tools and Recommendations
As we expected, the Canadian dollar continues to gain more bullish momentum, touching the first official target that must be achieved at 1.2660, recording the highest at 1.2661.
Technically, the pair’s success in stabilizing above the 1.2600 resistance-into-support and the 50-day moving average supports the daily bullish price curve.
Therefore, continuing the rise is intact, heading for the next target of the previous analysis, 1.2710, the main stop, and breaking it enhances the chances of rising towards 1.2730.
Stability below 1.2590 might cancel the suggested bullish scenario and renew the chances of negative pressure on the pair to visit 1.2510.
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: 1.2595 | R1: 1.2675 |
| S2: 1.2545 | R2: 1.2710 |
| S3: 1.2500 | R3: 1.2760 |
