Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Negative trading dominated the movements of the Canadian dollar at the end of the week’s trading, recording its lowest level around 1.2588 after it failed to maintain trading above the 1.2670 level.
Technically, we find that the 14-day momentum indicator is trying to provide positive signals accompanied by the stability of intraday trading above the psychological support level of 1.2600.
We may witness a bullish bias in the coming hours to retest 1.2640, and then 1.2670, the previously broken support-into-resistance, as long as the price is stable above 1.2600 most importantly 1.2585.
It should be noted that the expected bullish intraday bias does not contradict the general bearish trend, whose official targets are around 1.2500 once 1.2585 is broken, 50.0% correction.
Risk is High
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.
| S1: 1.2585 | R1: 1.2640 |
| S2: 1.2530 | R2: 1.2670 |
| S3: 1.2500 | R3: 1.2700 |
