Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian Dollar pair followed the anticipated downward trend outlined in the previous report, reaching the initial target at 1.3660 and reaching a low of 1.3654.
In terms of technical analysis on the 4-hour timeframe, the bearish technical pattern persists, supporting the overall negative sentiment. Additionally, the continued presence of the simple moving averages reinforces the downward pressure.
Thus, the bearish momentum is expected to persist during the current session, with a target set at 1.3640 and further downside potential towards 1.3600, which represents a key awaited support level. Subsequent targets could extend to 1.3570.
It’s important to note that a reversal of the bearish scenario would require the pair to stabilize above 1.3700, potentially leading to a recovery phase with an initial target at 1.3740.
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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