The Canadian Re-tests The Resistance

The pivotal support level mentioned in the previous analysis managed to limit the bearish tendency seen in CAD during the past week, to cap the bullish bounce within the expected technical outlook, through which we targeted a retest of 1.2380, recording a high of 1.2390.

Technically, and by looking at the 60-minute chart, we find stochastic hovering around the overbought intraday areas. We see the 50-day moving average as a barrier for the pair to the upside.

Therefore, we may witness a retest of 1.2300 before rising again, knowing that trading above 1.2410 is a catalyst that enhances the chances of a rise to visit 1.2450.

Breaking 1.2290 will force the pair to continue falling within the bearish trend, targeting 1.2200.

S1: 1.2300	R1: 1.2410
S2: 1.2245	R2: 1.2450
S3: 1.2200	R3: 1.2510