Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Canadian dollar declined significantly, touching the required target for the second consecutive session at 1.2300, recording its lowest level during the Asian session’s trading of 1.2288 for the current session.
Technically, despite the official bearish trend accompanied by the continuation of negative pressure from the simple moving averages, we tend to the intraday positivity based on the clear oversold on stochastic and the beginning of positive crossover signs to the return of the intraday stability above 1.2300.
Therefore, there is a possibility to gather additional momentum that will lead the pair to retest the previously broken support turned into the 1.2375 resistance level, and gains may extend towards 1.2420.
Trading below 1.2280/1.2300 will immediately stop the suggested scenario above and lead the pair to the official descending path with a target of 1.2230, an official target to break the 1.2280 support level.
| S1: 1.2300 | R1: 1.2375 |
| S2: 1.2270 | R2: 1.2415 |
| S3: 1.2230 | R3: 1.2455 |
