Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar continues its gradual upward movement, following the expected bullish path from the previous trading session, and recently reached a high of 1.4543.
Technical Outlook
- Bullish Signals:
- On the 4-hour chart, the simple moving averages are providing strong upward support.
- Positive signals from the 14-day momentum indicator on short-term timeframes further bolster the bullish outlook.
- Target Levels:
- A confirmed break above 1.4550 could complete the upward trend, with 1.4580 as the initial target.
- A subsequent break may accelerate the trend toward 1.4610.
- Bearish Contingency:
- A return to trading below the support level at 1.4410 may introduce temporary negative pressure, potentially driving prices down to 1.4340 before any renewed recovery.
Risk Warning
Today, high-impact US economic data, specifically the “ADP” is expected, which could lead to significant volatility in prices and news releases.
The Stochastic indicator is nearing overbought territory, suggesting that some short-term fluctuations could occur until a clear direction is established.
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.
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