Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar succeeded in maintaining its gains within the bullish corrective slope mentioned yesterday, touching the first target for the bullish correction at 1.2480, recording the highest price at 1.3477.
Technically, the current movements are witnessing stability for the pair above 1.2400, supported by the positive stimulus of the 50-day moving average, which continues to hold the price from below, in addition to the RSI receiving bullish momentum signals.
Therefore, we maintain our positive outlook, knowing that the breach of 1.2480 Fibonacci retracement of 50.0% is a catalyst that increases the bullish trend, so we are waiting for 1.2530, followed by 1.2590, 38.20% retracement.
Returning the intraday stability below 1.2370/1.2360 delays the rising chances but does not cancel them, and we may witness a retest of 1.2300 before attempts to rise again.
| S1: 1.2400 | R1: 1.2495 |
| S2: 1.2340 | R2: 1.2530 |
| S3: 1.2300 | R3: 1.2585 |
