Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Quiet positive trading characterized the movements of the Canadian dollar yesterday, aligning with the anticipated bullish trend and nearing the first target of 1.2610, reaching a peak of 1.2605.
In terms of technical analysis today, we maintain a cautiously optimistic stance, contingent upon trading stability above the established support level of 1.3510. Furthermore, the continued support from the simple moving averages on the 4-hour time frame reinforces this positive outlook.
As such, the prevailing bias leans towards further upside potential, with an initial target set at 1.3610. A successful breach of this level would bolster confidence in further upward movement, potentially leading to targets at 1.3650 and 1.3680.
It’s crucial to note that a breach below 1.3510 would invalidate the bullish scenario, exerting downward pressure on the pair and prompting a retest of support levels at 1.3475 and 1.3450.
Warning: High-impact economic data releases from the US and Canada, including changes in private non-agricultural sector jobs, job vacancies, and the labor turnover rate, along with testimony from the Federal Reserve Governor, may result in heightened market volatility.
Exercise caution and monitor price movements closely, especially during these news releases.
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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