Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar has resumed its intraday rise, attempting to recover losses from previous sessions after touching the 1.3722 level.
From a technical analysis perspective today, and by closely examining the 4-hour chart, we find the pair hovering near the key resistance level of 13850. This resistance meets the 50-day simple moving average, which is key to protecting the downtrend. Furthermore, the relative strength indicators have clearly reached overbought areas.
Therefore, we believe there is still a chance for further downside movements, but with caution as long as trading remains stable below the aforementioned resistance, with an initial target of 1.3770.
Note: Today, we are awaiting highly influential economic data from the US economy (the Federal Reserve meeting minutes), and we may witness high price volatility when the statement is released.
Risk Disclaimer: Amid global economic uncertainties and trade tensions, risk levels remain high. Traders should proceed with caution and be prepared for a range of market scenarios.
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