Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar declined noticeably after several days of consecutive ascent after it succeeded in recording its highest levels around the psychological barrier of 1.2900.
Technically, we find that the pair failed to stabilize for a long time above 1.2900 and failed to maintain the trading level above 1.2750. With a careful look at the 240-minute chart, we find the stochastic is trading negatively, coinciding with the negative pressure of the simple moving averages.
Therefore, the bearish bias may be the most likely today, provided that we witness a clear and strong break of the pivotal support floor 1.2720 to visit the first target 1.2675, knowing that breaking the mentioned level increases and accelerates the strength of the daily bearish bias, opening the door to 1.2620 as long as the price is stable below 1.2810.
Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.
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