Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Positive trading dominated the movements of the Canadian dollar to complete the bullish corrective slope, as we expected, touching the first official target for the bullish correction 1.2195, recording its highest level at 1.2204.
Technically, the stability of the intraday trading above the previously breached resistance 1.2140 supports the continuation of the rise, in addition to the pair getting positive stimulus from the simple moving averages.
Therefore, we will maintain our positive outlook, targeting 1.2210 and 1.2245 respectively, bearing in mind that the confirmation of the recent breach is a catalyst that enhances the chances of completing the bullish correction towards 1.2290.
From below, trading below 1.2140 and most importantly 1.2120 postpones the chances of rising, and we may witness a retest of 1.2060 before rising again.
| S1: 1.2140 | R1: 1.2210 |
| S2: 1.2095 | R2: 1.2245 |
| S3: 1.2060 | R3: 1.2290 |
