Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Trading tended to be negative, dominating the Canadian dollar’s movements, approaching by a few points the first target to be touched yesterday at 1.3150, to suffice for recording its lowest level at 1.3160.
Technically, the technical outlook is as it is, without change, and with a closer look at the chart, 240-minute interval, we find the pair is stable below the support level of the psychological barrier 1.3200, Fibonacci retracement of 61.80%, which has been converted into a resistance level according to the concept of exchanging roles, and we find that the simple moving averages continue to exert negative pressure. The above price is motivated by the clear negative signs on the 14-day momentum indicator.
From here, with steady trading below the intraday level of 1.3200, the 61.80% correction, and most importantly, 1.3220, the bearish scenario remains valid and effective, targeting 1.3150, and breaking it increases and accelerating the strength of the bearish trend, continuing towards 1.3090, an official station, and the losses may extend later towards 1.3020.
Activating the bearish scenario depends on trading remaining below 1.3225, and breaching it nullifies the activation of the suggested scenario. We are witnessing the beginning of forming an upward attack towards 1.3270 & 1.3300.
Note: Today we are awaiting high-impact economic data issued by the US economy, “housing starts,” and the report issued by the International Energy Agency on oil stocks, and we may witness high volatility at the time of the news release.
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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