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The technical outlook remains unchanged, and the pair’s movements have not changed significantly within narrow-range sideways trades that tend to be negative, controlling the movements of the US dollar against its Canadian counterpart, capped between 1.2030 and 1.2100.
In terms of technical analysis today, trading remains below 1.2090 supports negativity accompanied by negative pressure coming from the simple moving averages.
On the other hand, we find stochastic trying to obtain positive signals that support the occurrence of an upward corrective slope.
With the conflict of technical signals, we will stand on the fence in order to obtain a high-quality deal, to be in front of one of the following scenarios:
Reactivating long positions requires price stability above 1.2100 to target 1.2170, while activating short positions requires us to witness a clear and strong break of the 1.2030 support floor, and from here the pair is exposed to strong negative pressure. The initial targets of 1.2000 may extend towards 1.1965.
Note: the level of risk is not proportional to the expected return.
| S1: 1.2030 | R1: 1.2100 |
| S2: 1.1990 | R2: 1.2130 |
| S3: 1.1965 | R3: 1.2170 |
