Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar achieved substantial gains last week, touching the first target required to be achieved in the previous analysis, which is located at 1.2770, to start its daily movements positively, recording the highest 1.2800.
Technically, today, the bullish trend is still valid and effective, relying on the stability of the intraday trading above the 1.2770 resistance level represented by the 38.20% Fibonacci correction, in addition to the positive stimulus of the simple moving averages that resumed holding the price from below.
Therefore, we keep our view, heading towards touching 1.2860, the first target, considering that breaching the mentioned level can enhance chances of rising to visit 1.2910.
The daily trend is bullish, with trading steadily above the 1.2700 support level, and breaking it does not cancel the daily bullish trend but only postpones it, and we should witness a retest of 1.2580 before rising again.
| S1: 1.2690 | R1: 1.2860 |
| S2: 1.2580 | R2: 1.2910 |
| S3: 1.2520 | R3: 1.3020 |
