Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar found a good support floor around the 1.3500 level, which succeeded in reducing the bearish tendency, and the current movements of the pair witness attempts to recover and hover near its highest level around 1.3560.
From the point of view of technical analysis today, we are leaning towards positivity in our trading, relying on the stability of trading above the breached resistance level of 1.3500 and converted into a support level, in addition to the positive crossover signals that have begun to appear on the Stochastic indicator.
There is a possibility of an upward trend occurring in the coming hours, targeting 1.3585 as the first target, and breaching it may enhance the chances of a rise towards 1.3620, the next station, and the gains may extend later towards 1.3650.
From below, the return of trading stability below 1.3500 is capable of thwarting attempts to rise and puts the pair under negative pressure to complete the downward trend with a target of 1.3450 and then 1.3410.
Warning: Today we are awaiting high-impact economic data issued by the American economy, the services purchasing managers index issued by the ISM, job vacancies and the labor turnover rate, and we may witness high fluctuation in prices at the time of the news release.
Warning: The level of risk is high amid continuing geopolitical tensions, and we may witness high price volatility.
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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