Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Positive momentum continued to drive the movements of the Canadian dollar, aligning with the anticipated upward trajectory outlined in the previous technical report. The currency successfully reached the official targets at 1.3750 and 1.3790, achieving its peak during the morning trading session at 1.3783.
Today’s technical analysis leans towards positivity, with the formation of simple moving averages providing a positive impetus for the daily upward trend of prices. Additionally, the 14-day momentum indicator reflects positive momentum.
As long as intraday trading remains above 1.3700, the upward bias remains favorable. The initial target is set at 1.3820, with a breakthrough serving as a catalyst for further gains towards 1.3870. Subsequent gains could extend towards 1.3920.
It’s important to note that a return to trading stability below 1.3700 could temporarily derail the bullish scenario, potentially leading the pair to retest 1.3620.
Investors should exercise caution today as high-impact economic data is expected from the American economy, including the change in private non-agricultural sector jobs, the Federal Reserve Committee statement, interest rate decision, and a press conference by the Chairman of the Federal Reserve. These events may result in heightened price 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: |