Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar found a strong resistance level of around 1.2840, which forced it to trade negatively again, and hovers around retesting the strong support level at 1.2730.
Technically, and carefully considering the 4-hour chart, we find the pair hovers around 1.2730, represented by the 23.60% Fibonacci correction, and the 50-day moving average started pressing the price from above.
Therefore, we tend to the temporary negativity, provided that the price stabilizes below 1.2730, which puts the price under negative pressure, targeting 1.2690, a first target, and losses may extend to retest the pivotal support 1.2665 before rising again.
If the pair succeeded in withstanding the 1.2730 support level and returned to trading above 1.2810, this will push us to resume the official bullish track to wait for 1.2880 and 1.2930.
| S1: 1.2690 | R1: 1.2810 |
| S2: 1.2665 | R2: 1.2880 |
| S3: 1.2595 | R3: 1.2930 |
