Canadian Dollar: Maintains The Same Technical Conditions

The technical outlook remains unchanged and the pair’s movements have not changed significantly. Technically, we notice the positive attempts of the Canadian dollar to settle above 1.2265, accompanied by the positive crossover signals that began to appear on the stochastic indicator.

This makes us think of the possibility of witnessing a bullish corrective tendency targeting a re-test of 1.2310, knowing that attempts to breach the aforementioned level are a catalyst that increases the probability of a visit to 1.2375/1.2380.

From the bottom, the return of trading stability and stability below 1.2265/1.2260 will stop the bullish attempts and lead the pair to the official descending path, to be the next targets at 1.2230 and extend to 1.2190.

Note: the bullish corrective tendency does not coincide with the general downside trend.

S1: 1.2265	R1: 1.2310
S2: 1.2230	R2: 1.2375
S3: 1.2190	R3: 1.2410