Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar was able to retest the resistance at 1.2750 as we expected, but found a strong resistance level near the psychological barrier of 1.2800.
Technically speaking, the pair is based above the support floor at 1.2650, which was accompanied by attempts by Stochastic to obtain additional momentum that supports the occurrence of a slight bullish bias during the coming hours.
From here, and with steady trading above the aforementioned support, we may witness a re-test of the extended resistance 1.2730 / 1.2750, knowing that the breach of 1.2750 is a catalyst that strengthens the chances of the rally towards 1.2800.
A reminder that a break of 1.2620 is capable of introducing the pair into a strong bearish wave, the initial target of which is around 1.2570, and later extends towards 1.2510.
Note: the slight bullish trend expected on short intervals does not coincide with the general downside trend.
| S1: 1.2620 | R1: 1.2750 |
| S2: 1.2570 | R2: 1.3830 |
| S3: 1.2485 | R3: 1.2885 |
