Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The technical outlook remains unchanged, as the USD/CAD pair continues to respect the prevailing uptrend highlighted in our previous report. The pair recorded a session high near the key resistance zone at 1.3870, reflecting ongoing bullish momentum.
Technical Outlook:
Intraday movements remain bullish, supported by continued price stability above the key Simple Moving Averages (SMAs), which serve as dynamic support zones. The Relative Strength Index (RSI) is still attempting to gain upward momentum, further reinforcing the strength of the uptrend. However, overbought conditions on the RSI may temporarily limit additional upside in the near term.
Probable Scenario:
As long as the price holds above the support levels at 1.3820 and more critically 1.3800, the bullish trend is expected to continue. A confirmed breakout above 1.3860 would likely act as a fresh catalyst, targeting the next resistance levels at 1.3900 and 1.3945, respectively.
Alternative Scenario:
If the pair breaks and closes below the 1.3800 support level, this could trigger a short-term pullback, initially targeting 1.3770, with a potential extension toward the next support zone at 1.3730.
High-Impact Events – Volatility Expected:
Today’s U.S. economic releases are likely to drive significant market volatility. Key data include:
- Non-Farm Payrolls
- Unemployment Rate
- Average Hourly Earnings
These indicators are highly influential for U.S. dollar sentiment and could directly affect USD/CAD performance.
Warning:
The current risk environment remains elevated due to ongoing trade and geopolitical tensions. All market scenarios should be considered, and traders are advised to employ appropriate risk management.
Risk Disclaimer: Amid global economic uncertainties and trade tensions, risk levels remain high. Traders should proceed with caution and be prepared for a range of market scenarios.
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