Canadian Dollar on The Positive Side

The Canadian dollar showed noticeable gains during the previous trading session, heading for the retest target to be achieved at 1.2940, to record its highest level at 1.2957.

Technically speaking and with the pair’s success in surpassing the previous breached resistance level of 1.2770, which has now turned into a support level, in addition to the positive crossover signals for Stochastic.

Therefore, a bullish bias is likely today, targeting 1.2960 as a first target, and breach here is a catalyst that enhances the chances of the rally to visit 1.3040.

From below, trading below 1.2790, and the most important 1.2770 negates the activation of the suggested scenario and puts the pair under negative pressure again, with the aim of re-testing the pivotal support line 1.2700.

Note: The level of risk is high.

S1: 1.2790	R1: 1.2965
S2: 1.2705	R2: 1.3045
S3: 1.2620	R3: 1.3135