Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar was able to touch the support level as we expected during the previous analysis, around the 1.2710 support level, to return to the bullish rebound stable intraday above the psychological barrier of 1.2800.
From the technical analysis point of view today, the bullish trend is still valid and effective, depending on the stability of daily trading above the strong support level at 1.2730 represented by the 23.60% Fibonacci correction as shown on the chart, in addition to the continuation of the 50-day moving average providing positive motive.
This encourages us to maintain our positive outlook, targeting 1.2850 first target, considering that its breach increases the strength of the bullish trend so that we will wait for 1.2900 and 1.2930 target price stations.
The breach below the support level 1.2730 postpones the idea of achieving more rise and leads the pair to retest 1.2665 before attempting to rise again.
| S1: 1.2740 | R1: 1.2850 |
| S2: 1.2665 | R2: 1.2900 |
| S3: 1.2595 | R3: 1.2975 |
