Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar successfully reached the anticipated bearish targets during Monday’s trading session, hitting a low of 1.4265 after achieving the 1.4270 target.
From a technical standpoint, the 4-hour chart indicates that the pair found solid support around 1.4260, prompting a minor bullish rebound. The stochastic indicator has entered the overbought zone, while the relative strength index is beginning to show positive signals.
A potential downward trend remains possible as long as the price stays below 1.4330. If this condition holds, a retest of 1.4370 and 1.4410 may follow.
On the other hand, a return to stable trading above the pivotal support level of 1.4270 would reinforce the bearish outlook, potentially leading to further declines toward 1.4195 and 1.4150.
High volatility is expected today due to key U.S. economic events, including the Federal Interest Rate Decision, Federal Reserve Statement, Federal Reserve Chairman’s Press Conference, and the Federal Reserve Economic Outlook. These events could significantly impact market movements.
With ongoing economic uncertainties, risks remain elevated, and various scenarios are possible.
Disclaimer
This analysis is for informational purposes only and does not constitute financial advice. Trading foreign exchange involves risk, and traders should always conduct their own research and exercise caution.
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