The Canadian Dollar: May Witness a Bullish Bounce 11/2/2022

The movements of the Canadian dollar witnessed positive trades after it ended its daily transactions above the pivotal support floor published during all the reports of this week 1.2665, which forced it to rebound upwards stable above the resistance level of 1.2730.

Technically, the return of the simple moving averages provides positive motive and clear positive crossover signs on the stochastic indicator.

With intraday trading remaining above the breached resistance level 1.2710 and in general, above 1.2665, the bullish bias may be the most likely to visit 1.2785, knowing that its breach contributes to strengthening the pair’s gains to be 1.2830 as the next stop, and its targets may extend later towards 1.2900.

S1: 1.2665	R1: 1.2785
S2: 1.2595	R2: 1.2830
S3: 1.2540	R3: 1.2900