Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar succeeded in touching the target of the upside correction mentioned in the previous analysis, located at 1.2880, to record it’s high at 1.2875.
Technically speaking, we find that the pair maintains positive stability above the support floor of 1.2710 supported by the stochastic obtaining signs of a positive crossover that may stimulate the price to rebound again.
Thus, the bullish bias is likely today, targeting 1.2580, knowing that the rise and stability of the price above the aforementioned level is a catalyst that increases the chances of a bullish move towards the target of the second bullish correction at 1.2930.
From below, trading below 1.2710 negates the suggested bullish scenario and puts the price under negative pressure aiming to re-test 1.2650.
| S1: 1.2710 | R1: 1.2850 |
| S2: 1.2655 | R2: 1.2930 |
| S3: 1.2570 | R3: 1.2990 |
