Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The technical outlook is unchanged, and the Canadian dollar did not change significantly, maintaining positive stability, to start the early trading of today’s trading session, stable above 1.3620.
Technically, we find the 50-day simple moving average continues to hold the price from below, and this comes in conjunction with the clear positive signs on the momentum indicator.
Therefore, the bullish bias is more likely during the day, provided that we witness a breach of 1.3700, which is a catalyst that extends the pair’s gains, as we await further rise towards 1.3735 & 1.3800.
Alert: Stochastic is around overbought areas, and we may witness some fluctuation before getting the official trend.
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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