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The Canadian dollar retreated, maintaining the negative bias, heading to touch the first target to be achieved, located at 1.3045, posting low at 1.3034.
Technically speaking, we are biased towards the intraday positivity, depending on the pair’s consolidation above the 1.3030 support floor, in addition to the positive motive for the 50-day moving average that meets around the aforementioned support.
Therefore, we may witness a slight bullish tendency during the coming hours, targeting 1.3120, knowing that the breach of 1.3120 is a catalyst that provides an opportunity for the Canadian to achieve gains that may extend to 1.3165.
Returning again below 1.3040 will negates the bullish scenario and lead the pair to the official bearish path, completing towards our official targets of 1.3000, and then 1.2965 an official stop for the downside wave.
Warning: We await important data to be released on the Canadian calendar later in today’s session, which may have a significant impact on the pair’s movements.
| S1: 1.3040 | R1: 1.3120 |
| S2: 1.3000 | R2: 1.3165 |
| S3: 1.2960 | R3: 1.3205 |
