Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar continues its gradual upward movement, following the expected bullish path from Negative pressure dominated the Canadian dollar’s movement during the previous session. The recent price action—marked by a low of 1.4240—suggests that a break below the support level of 1.4410 could trigger further downside, with a target around 1.4340, compensating for recent buying positions.
Technical Outlook
- Bearish Indicators:
- On the 4-hour chart, simple moving averages have begun to cross negatively, exerting pressure from above.
- This is supported by clear negative signals from the 14-day momentum indicator.
- Downside Scenario:
- There is a possibility of a bearish trend during today’s session, with the next target at 1.4265.
- Should the decline continue, prices may further drop toward 1.4210.
- Bullish Contingency:
- Conversely, an upward move with price consolidation above the resistance level of 1.4420 could halt the bearish scenario and steer the pair toward an upward target of 1.4535.
Risk Warning
Today, high-impact US economic data—including non-farm payrolls, unemployment rates, and average wages—is scheduled for release, which could lead to significant volatility.
Economic Data Impact:
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.
| S1: |