Canadian Dollar Retesting Resistance

The Canadian dollar starts its daily trading on a slight bullish bias after benefiting from the support level of 1.2570, to trade near its highest level during the morning session at a price of 1.2674.

Technically, and with a closer look at the 60-minute chart, we find the 50-day moving average holding the price from below, accompanied by the clear positive crossover signals on the stochastic indicator.

From here, we expect a bullish bias during the coming hours, with the aim of retesting the previously broken support, now converted to the 1.2690 / 1.2700 resistance, bearing in mind that trading above the latter increases the possibility of touching 1.2730.

Trading again below 1.2610 leads the pair to the official descending path, with the initial target of 1.2560.

S1: 1.2610	R1: 1.2705
S2: 1.2560	R2: 1.2730
S3: 1.2530	R3: 1.2790