The Canadian Dollar Reiterating Its Upside Chances

The technical outlook is unchanged, and the Canadian dollar’s ​​moves have not changed little, as part of the continued attempts to rise and stabilize above 1.2620.

Technically, and despite the dominance of the general bearish trend over the pair’s movements, we believe that there is a possibility of an upward slope depending on the positive signs coming from the RSI in addition to the beginning of the positive crossover signs on the stochastic indicator. Therefore, we target 1.2720 / 1.2730, and a breach of it could enhance the bullish chances towards 1.2770.

From the bottom, trading stabilized again below 1.2620, leading the pair to resume the downside trend, and we are witnessing a strong selling wave, with an initial target of 1.2575.

Note: The US employment data are due today and may affect the price.

S1: 1.2650	R1: 1.2725
S2: 1.2610	R2: 1.2770
S3: 1.2575	R3: 1.2810