Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar experienced an upward trend, finding support at 1.3630, which facilitated a rebound, with the pair currently stabilizing near its morning peak around 1.3680.
Today’s technical analysis suggests a positive outlook, buoyed by the supportive influence of the 50-day simple moving average. This is further reinforced by favorable signals from the Relative Strength Index on shorter timeframes.
Maintaining intraday trading above 1.3640 favors an upward bias, with an initial target set at 1.3700. A breach of this level could spur further upward movement towards 1.3750, with potential gains extending to 1.3790 thereafter.
It’s important to note that a return to trading stability below 1.3640 may temporarily disrupt the bullish scenario, potentially leading to a retest of 1.3600 before resuming upward momentum.
Traders should exercise caution today, as high-impact economic data from the American economy, including the “Employment Cost Index” and “Consumer Confidence Index,” are scheduled for release. This could result in heightened price volatility during 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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