Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar declined significantly, heading to visit our first target for the current downturn, which was published in all technical reports for the current week at a price of 1.2700, recording a low at 1.2705.
On the technical side, and by looking at the 60-minute chart, we find the simple moving average that continues to pressure the price from the top, in addition to the regularity of movements within the descending price channel.
Therefore, we maintain our negative outlook, but the condition to confirm a break of 1.2700, which puts the price under negative pressure to visit the second official target of 1.2630.
Note: Stochastic is trading around the oversold phase, which makes us believe that there is a possibility of a slight bullish bias towards 1.2770 / 1.2775 and then resume the daily bearish trend again.
| S1: 1.2680 | R1: 1.2805 |
| S2: 1.2630 | R2: 1.2875 |
| S3: 1.2550 | R3: 1.2930 |
