Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Yesterday, the Canadian dollar experienced a predominant downward trend, consistent with the negative outlook anticipated in the previous technical report. The price reached the first target at 1.3695, hitting a low of 1.3687.
From a technical analysis perspective today, focusing on the 240-minute timeframe, a bearish technical pattern emerges, reinforcing the daily bearish price trend. Additionally, the ongoing formation of simple moving averages contributes to the negative pressure.
Consequently, the continuation of the downward trend is the most probable scenario during today’s session, with targets set at 1.3660 and 1.3620, respectively, representing significant levels to monitor.
It’s essential to highlight that regaining trading stability above 1.3740 could disrupt the bearish scenario and trigger a recovery in the pair, with an initial target positioned around 1.3780.
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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