Noor Trends News, Technical Analysis, Educational Tools and Recommendations
After several consecutive days of ascending, the Canadian dollar touched the target price mentioned in the last analysis, at 1.2870, recording the highest price of 1.2880, which forced the pair to achieve some decline due to touching the resistance level of 1.2870.
Technically, by looking at the 4-hour chart, we notice the 1.2870 resistance that managed to limit the bullish bias and the appearance of negative signs on the stochastic indicator.
Therefore, there is a possibility of retesting the 1.2770 and 1.2730 support levels before rising again, bearing in mind that the idea of retesting does not contradict the bullish trend, whose initial targets are around 1.2920 once 1.2870 is breached.
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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