Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar successfully retested the 1.2640 support level, which maintained the positive stability of the pair once again to start its daily trading on an upward slope within the attempts to attack the resistance level 1.2730.
From the technical analysis point of view, and carefully looking at the 4-hour chart, we notice that the simple moving averages continue to support the bullish price curve, in addition to the pair’s success in stabilizing above the 1.2595 resistance level, the 38.20% correction, which is now turned into a support level, in addition to the stability of the 14-day momentum indicator above the line the middle.
Therefore, the bullish scenario will remain valid and effective, knowing that the confirmation of breaching 1.2730, 23.60% correction, increases the strength of the bullish bias today, targeting 1.2770 and 1.3830, respectively.
In general, we suggest the overall bullish trend as long as trading is stable above 1.2595.
| S1: 1.2660 | R1: 1.2735 |
| S2: 1.2595 | R2: 1.2775 |
| S3: 1.2530 | R3: 1.2830 |
