Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar witnessed random, erratic trading but tended to the positive as the pair stabilized above the 1.2700/1.2720 support level.
From the point of view of technical analysis, we are still inclined to the positivity, but cautiously, relying on the stability of trading above the mentioned support and the attempts of the EMA50 to provide a positive stimulus in support of the return of the bullish bias.
Therefore, the bullish bias is likely today, targeting 1.2820/1.2810, a first target, and its penetration increases and accelerates the strength of the bullish bias so that the path is directly open towards 1.2890.
To remind that activating the suggested bullish scenario depends on trading stability above 1.2720, 50.0% Fibonacci correction, and breaking it puts the price under strong negative pressure, whose first target is located around the retest of 1.2630.
| S1: 1.2700 | R1: 1.2825 |
| S2: 1.2630 | R2: 1.2890 |
| S3: 1.2570 | R3: 1.2950 |
