Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar pair encountered a robust resistance at 1.3465, prompting the completion of the anticipated downward trajectory mentioned in the previous report. The pair reached the first target at 1.3380, touching its lowest point at 1.3367.
In today’s technical analysis, a negative bias is observed in trading, hinging on intraday stability below the previously breached support, now converted to the 1.3420 resistance level. The pair continues to experience downward pressure from the 50-day simple moving average.
There is a potential for a bearish trend during today’s trading session, with the initial target set at 1.3340. A breach below this level could pave the way for a visit to 1.3305, representing the next official station.
Conversely, an upward cross and consolidation above 1.3420, and more crucially, 1.3440, would nullify the activation of the bearish scenario. In such a scenario, the pair would be directed to retest 1.3500, with potential gains extending further towards 1.3540.
Caution is advised today, particularly with the anticipation of high-impact economic data on the American economy, specifically the “NFP, average wages, and unemployment rate.” Given the potential for significant price fluctuations during the news release, traders are urged to be vigilant.
A warning is also issued due to the high level of risk amid ongoing geopolitical tensions, which may contribute to increased price volatility. Traders should exercise caution in this environment.
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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