Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar encountered resistance at the psychological barrier of 1.3600, a level that has historically provided stability and recently led to negative trading momentum, with the pair currently hovering around 1.3550.
In terms of technical analysis today, our inclination leans towards a bearish outlook, albeit cautiously, as we observe stability below the psychological resistance barrier of 1.3600. Additionally, the presence of the 50-day simple moving average acts as a formidable obstacle for the pair.
As such, the prevailing bias suggests a bearish trajectory for the day, with an initial target set at 1.3515. A breach below this level would intensify downward pressure, potentially leading to a continuation of the decline towards 1.3475.
However, should trading stability return above 1.3600, it would rejuvenate the possibility of a trend reversal, with targets set at 1.3650 and 1.3690.
A word of caution: Today’s market activity awaits a speech by Jerome Powell, Governor of the Federal Reserve, which could trigger significant fluctuations in prices. Traders should remain vigilant and adapt their strategies accordingly to navigate potential volatility.
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: |