Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar found a strong selling point around the required target to be touched yesterday at 1.3470, recording its highest level at 1.3470, to start a rapid decline to the downside, to retest the support level of 1.3380, to witness the intraday movements of the pair around the mentioned level.
From the point of view of technical analysis today, we find clear negative crossover signs on the stochastic indicator. This comes in conjunction with the confinement of the positive momentum on the short time frames.
Sneaking below 1.3380 puts the pair under negative pressure, aiming to retest 1.3350. The price behavior of the pair should be monitored around this level, because breaking it is capable of extending the intraday losses towards 1.3310 before repeating attempts to rise.
The bearish bias does not contradict the bullish trend in general, which targets around 1.3510 once the breach of 1.3470 is confirmed.
Note: Today, we are waiting for the speech of the “Chairman of the Federal Reserve”, which has a significant impact, and we may witness fluctuations in prices during the issuance of the speech.
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