Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar’s movements during the previous trading session followed an upward trend, with the currency breaking through the resistance level at the psychological barrier of 1.3500 and reaching a peak of 1.3543.
Today’s technical analysis suggests a positive outlook, with a preference for stability above 1.3500 and support from the simple moving averages, which have resumed their upward trajectory.
As such, the bias leans towards further upward movement during the day, targeting 1.3570. Consolidation above this level could lead to a touch of 1.3600, representing an initial target, with potential gains extending to 1.3650 thereafter.
However, a return to stability below 1.3480 would renew the possibility of negative pressure, potentially returning the pair to a bearish trajectory with initial targets starting at 1.3430. Traders should remain vigilant for potential shifts in market dynamics.
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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