Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Positive movements have regained control of the Canadian dollar, as we expected an upward rebound during the previous trading session, approaching by a few points to the first official target of 1.3510, only to post its highest level of 1.3501.
Technically, we are leaning towards positivity in our trading, but with caution, relying on the continued attempts of the Stochastic indicator to gain net momentum, in addition to trading stability above 1.3400/1.3420.
Therefore, we may witness an upward bias in the coming hours, targeting 1.3510 as the first target, knowing that confirmation of the pair breaching the aforementioned level is a motivating factor that enhances the chances of rising towards 1.3530 and 1.3565 initially.
From below, the return of trading stability with at least an hour candle closing below 1.3400 can thwart the upward attempts and put the pair under negative pressure again to complete the downward trend with an initial target of 1.3355 and 1.3300 as a subsequent target.
Warning: Today we are awaiting high-impact economic data issued by the British economy: the Monetary Policy Committee’s vote on interest rates, the interest rate decision, and the monetary policy summary. We are waiting for the “Unemployment Benefits” indicator from the United States of America, and we may witness high price fluctuations at the time of the news release.
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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