Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The technical outlook is unchanged, and the movements of the Canadian dollar did not change significantly within a stable sideways price range from below the 1.2665 support floor and from above below the 1.2730 resistance level.
Technically, and carefully looking at the 4-hour chart, we notice the positive crossover signs that started appearing on the stochastic indicator, accompanied by the positive signs of the 14-day momentum indicator on the short time frames.
Therefore, there may be a possibility of a bullish bias, knowing that trading and stability above 1.2730, 23.60% correction, is a catalyst that may contribute to touching 1.2770, and it may extend later to visit 1.2800 as long as the price is stable above the pivotal support floor 1.2665.
Confirmation of breaking 1.2665 may cause a strong bearish bias and constitute a negative pressure factor for a visit to 1.2590.
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.
| S1: 1.2665 | R1: 1.2730 |
| S2: 1.2620 | R2: 1.2770 |
| S3: 1.2590 | R3: 1.2810 |
