Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar managed to work within the bullish technical correction referred to during this week’s reports, touching the first target of the last report at 1.2570, recording the highest level at 1.2586.
Technically, the pair is now hovering around a strong resistance level of 1.2590 represented by the 38.20% Fibonacci correction, and we notice the 50-day moving average that supports the occurrence of more rise and the attempts Stochastic to get rid of the current negativity.
Therefore, we maintain our positive outlook, knowing that the confirmation of the breach of 1.2600/1.2595 is a catalyst that contributes to enhancing the chances of rising to visit 1.2645 and 1.2700 waiting stations, respectively, provided that the daily trading remains above 1.2485, 50.0% correction.
In general, we continue to suggest the bullish direction as long as trading is stable in general above the 1.2370 support floor, 61.80% correction.
| S1: 1.2510 | R1: 1.2605 |
| S2: 1.2455 | R2: 1.2645 |
| S3: 1.2370 | R3: 1.2700 |
