Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Negative trading dominated the movements of the Canadian dollar as we expected, touching the required goal for the bearish technical structure mentioned in the previous analysis at 1.2465, recording its lowest price at 1.2453.
Technically, the current moves are witnessing attempts to rebound to the upside as it closed yesterday’s session above the 1.2465 support level, in addition to the pair getting positive signs that started appearing on the stochastic indicator.
We may witness a slight bullish tendency in the coming hours to target 1.2550, knowing that the breach of the mentioned level is a catalyst for a visit to 1.2610.
The return of trading stability and the price stability below 1.2465 leads the price to resume the descending wave towards the next target of the descending technical pattern around 1.2370.
Note: CFD trading involves risks; all scenarios may occur.
| S1: 1.2465 | R1: 1.2550 |
| S2: 1.2425 | R2: 1.2610 |
| S3: 1.2380 | R3: 1.2640 |
