Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The USD/CAD pair received a positive boost during the previous trading session, successfully recording its highest level near the 1.3740 resistance level.
From a technical analysis perspective today, and by examining the 240-minute chart, we find that the simple moving averages are still supporting the price from above, providing positive momentum. This coincides with the RSI’s attempt to obtain positive signals, which could push the price to complete its upward correction path.
Therefore, we believe there is an opportunity for further positive movements, knowing that a breach of 1.3760 would facilitate the required task of visiting the next station, 1.3800, as long as daily trading remains stable above 1.3700.
Warning: Today, we are awaiting highly influential economic data from the US economy, such as the testimony of Federal Reserve Chairman Jerome Powell. We may witness high price volatility when this news is released.
Warning: The risk level is high amid ongoing trade and geopolitical tensions, and all scenarios are possible.
Risk Disclaimer: Amid global economic uncertainties and trade tensions, risk levels remain high. Traders should proceed with caution and be prepared for a range of market scenarios.
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