Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar pair commenced its weekly trading session on a bullish note, albeit with some limitations, following its successful retest of the robust support level at 1.3460.
In terms of technical analysis today, we lean towards a positive outlook, supported by the pair’s stability in trading above the aforementioned support level at 1.3460. Additionally, we observe the pair’s attempt to consolidate above the psychological barrier resistance of 1.3500, accompanied by positive momentum from the 50-day simple moving average, reinforcing the upward trajectory in daily prices.
With daily trading holding firm above the levels of 1.3760/1.3470, the upward bias is favored, targeting 1.3535 as the initial objective. A breach of this level would further bolster gains, paving the way towards 1.3560, with potential extensions towards 1.3600.
Conversely, a breach below the support level of 1.3460 has the potential to completely disrupt the bullish scenario, placing the pair under negative pressure and prompting a retest of 1.3400 before any renewed upward attempts.
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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