Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Noticeable positive trades dominated the US dollar against the Canadian dollar within the idea of the expected bullish correction during all reports of the past week, benefiting from establishing a solid support floor around 1.2500, recording the highest level at 1.2662.
Technically, the price has consolidated above the support level of 1.2595, around the 38.20% Fibonacci correction, accompanied by the move above the 50-day moving average.
Therefore, we expect the rise to continue, knowing that rising above 1.2675 will increase the strength of the bullish correction bias so that we will wait for the extended target 1.2720, 23.60% correction, and 1.2750.
Activating the suggested scenario requires trading stability during today’s session above the support level of 1.2595.
| S1: 1.2595 | R1: 1.2675 |
| S2: 1.2550 | R2: 12720 |
| S3: 1.2500 | R3: 1.2755 |
