Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Limited positive attempts dominated the Canadian dollar’s movements after it hit the first official target indicated during the last analysis, located at 1.2700.
From the angle of technical analysis today, we find that the stochastic gradually started losing the bullish momentum, and we find the simple moving averages continuing their negative pressure on the price from the top.
Consequently, the bearish scenario will remain valid and effective, but on condition that we witness a clear break of the aforementioned support level of 1.2700, which extends the pair’s losses, opening the way towards the second official target of 1.2640, and then 1.2560 for a next official stop.
From the top, the return of trading to stability once again above 1.2820 / 1.2830 will stop the bearish trend, and we will witness a slight bullish correction targeting 1.2910.
| S1: 1.2720 | R1: 1.2800 |
| S2: 1.2675 | R2: 1.2830 |
| S3: 1.2640 | R3: 1.2865 |
