Canadian Dollar May Witness Positive Moves

The Canadian dollar started its daily trading at a high, but still a limited rise, after attempts to build on the support floor of 1.2765 represented by the first target of the previous report.

technically speaking and with a closer look at the 60-minute chart, we find the 50-day moving average is trying to provide a positive catalyst in favour of an upward slope on short time frames. This comes in conjunction with the RSI indicator getting positive signals. Consequently, we may witness attempts to rise targeting a re-test of 1.2850 resistance, knowing that breaching it increases the possibility of visiting 1.2900 before retreating again.

From the bottom, the return of trading stability and stability below 1.2765 will lead the pair to resume the official bearish path heading towards the official leg of the current descending wave of 1.2700.

Note: the expected slight bullish tendency does not contradict the daily bearish trend.

Note: we are awaiting interest rates from the Bank of Canada, and we may witness significant fluctuation.

S1: 1.2765	R1: 1.2850
S2: 1.2740	R2: 1.2910
S3: 1.2700	R3: 1.2950