The Canadian May See a Temporary Bullish Slope

Negative trading dominated the Canadian dollar’s movements during the previous trading session after it succeeded in stabilizing temporarily below the 1.2600 support level.

From the technical analysis, the current moves are witnessing attempts to rise. However, the price is back to stability above the 1.2600 support level, accompanied by attempts by stochastic to obtain bullish momentum.

Therefore, we may witness a slight bullish bias in the coming hours, targeting a retest of the previously broken support level, which was turned into a resistance level of 1.2660, 61.80% Fibonacci correction.

The daily trend is still tilting to the downside, and this is confirmed by a clear and strong break of the 1.2580/1.2600 support level, which extends the losses towards 1.2510.

S1: 1.2570	R1: 1.2660
S2: 1.2510	R2: 1.2720
S3: 1.2470	R3: 1.2770