Canadian Dollar Starts on The Positive Side

The support levels published during last week’s reports located at the price of 1.2700 were able to limit the bearish bias that continued for several sessions in a row, to find that the pair succeeded in building a base on the aforementioned level within the bullish correction scenario published during the last analysis, targeting 1.2830, posting a high of 1.2854.

Technically speaking, we are positively biased in our trades, relying on the clear positive signs on the stochastic indicator, in addition to the positive signs of the RSI indicator and its stability above the 50 midline.

Consequently, we may witness a continuation of the rise with the first target of 1.2890 / 1.2895, knowing that its breach will extend the pair’s gains towards 1.2940.

Trading stability again below 1.2800 and the most important 1.2750 will immediately stop any attempts to rise, and the pair will return to the downside with the aim of re-testing 1.2700.

Warning: The level of risk is high.

S1: 1.2750	R1: 1.2895
S2: 1.2670	R2: 1.2945
S3: 1.2620	R3: 1.3030