Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar jumped within the expected ascending path, touching the official target in the report issued last Friday at 1.2900, recording its highest level of 1.2912.
Technically, the pair continues to obtain positive stimulus from the simple moving averages that continue to hold the price from below, coinciding with the positive signs of the 14-day momentum indicator.
Therefore, the possibility of the pair’s recovery continuing is valid and effective, waiting for 1.2950/1.2945 to touch the first target, considering that consolidation above the mentioned level is a catalyst that enhances the chances of touching 1.2980 as long as the price is stable in general above 1.2775.
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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