Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The USD/CAD pair has continued to move higher, in line with the bullish outlook outlined in the previous technical report, reaching the target at 1.3730 during recent trading.
Technical Outlook – 4-Hour Timeframe:
The pair remains supported by the 50-period Simple Moving Average (SMA), which reinforces the current bullish momentum. This is complemented by a noticeable improvement in momentum indicators, with the Relative Strength Index (RSI) showing supportive signals that favor the continuation of the upward trend in the short term.
Probable Scenario:
As long as the pair holds above the key psychological support at 1.3700, the bullish bias is expected to persist. The next target is seen at 1.3740, with potential gains extending toward 1.3770.
It’s important to note that the bullish scenario hinges on the pair maintaining levels above 1.3660. A break below this support could invalidate the positive outlook and lead to renewed downside movement, targeting 1.3610.
Market Catalyst:
Traders should remain cautious ahead of today’s release of high-impact Canadian economic data, including unemployment figures and employment change. These events may lead to heightened market volatility.
Caution:
Risk remains elevated amid ongoing geopolitical and trade uncertainties. All scenarios are possible, and disciplined risk management is strongly advised.
Risk Disclaimer: Amid global economic uncertainties and trade tensions, risk levels remain high. Traders should proceed with caution and be prepared for a range of market scenarios.
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