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The Canadian dollar was able to achieve the view of retesting the support published during the previous analysis, heading towards retesting the required target at 1.2665, recording its lowest level at 1.2657.
Technically, we notice the negative pressure coming from the simple moving averages that put negative pressure on the pair from above, in addition to stabilizing trading below the strong resistance level located around 1.2750/1.2730.
On the other hand, we notice that the pair is still consolidating above the pivotal support floor 1.2665, which may lead to a bullish rebound once again.
We will monitor the pair’s price behavior during today’s session, noting that the decline below 1.2665 constitutes a negative pressure factor that may lead the Canadian dollar to visit 1.2595/1.2600 areas. At the same time, a breach up to the 1.2750 resistance level is a motivating factor that might lead the pair to restore its ascending path towards 1.2810 & 1.2860.
| S1: 1.2665 | R1: 1.2750 |
| S2: 1.2595 | R2: 1.2810 |
| S3: 1.2540 | R3: 1.2860 |
