Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar retreated, achieving the negative outlook, as we expected, in which we relied on the bearish technical structure mentioned during the previous analysis, touching our required target of 1.2710.
Technically, the negative pressure from the 50-day moving average supports the continuation of the downside, in addition to trading stability below the extended resistance level of 1.2765 / 1.2780.
Therefore, our negative outlook will be maintained, provided that the 1.2700 breaches is confirmed, and that increases and accelerates and confirms the strength of the daily bearish trend, with targets of 1.2675 and 1.2640, respectively.
From the top, a rise above 1.2780 will immediately stop the bearish bias, and the pair will regain the bullish correctional path again, to retest 1.2810 & 1.2850.
| S1: 1.2730 | R1: 1.2810 |
| S2: 1.2700 | R2: 1.2860 |
| S3: 1.2650 | R3: 1.2890 |
