CAD Trying to Build on Support

Positive attempts for the Canadian dollar, taking advantage of building a base on the psychological barrier support 1.2700, trying to re-test the resistance level of 1.280

Technically, stability above 1.2720 supports the possibility of the upside, and with a closer look at the chart, we find the RSI indicator started to gain upward momentum on short time frames.

Therefore, we may witness an increase in the coming hours with the first target of 1.2800 and 1.2830, respectively.

Noting that The price must be carefully monitored if 1.2830 is touched, given how important this level is for the general trend in the short term, and breaching it will stop the bearish trend and the pair will recover again, opening the way towards 1.2870 initially.

Activating the bullish scenario requires stability in general above 1.2700, and breaking the aforementioned level forces the pair to resume the downside move with the first target of 1.2630.

S1: 1.2720	R1: 1.2800
S2: 1.2675	R2: 1.2830
S3: 1.2640	R3: 1.2870