Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar continued its positive trading within the expected bullish context during the last analysis after it succeeded in stabilizing above the psychological barrier level of 1.2700
Technically, the bullish trend is likely today, based on the breach of the 1.2730 resistance level represented by the 23.60% Fibonacci correction as shown on the chart, in addition to the 14-day momentum indicator receiving positive signs.
We target 1.2875/1.2865, knowing that its breach is a catalyst that contributes to strengthening the pair’s gains, so we are waiting for 1.2910, and gains may extend later to visit 1.2990.
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Trading stability below the strong support area 1.2660 invalidates the suggested scenario and puts the price under temporary negative pressure, targeting 1.2595 initially.
| S1: 1.2770 | R1: 1.2865 |
| S2: 1.2730 | R2: 1.2910 |
| S3: 1.2660 | R3: 1.2990 |
