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The movements of the Canadian dollar witnessed a bearish tendency during the last trading session, heading to touch the first target that is required to be touched at 1.2635, to record its lowest level at 1.2630.
Technically, we notice that the pair has benefited from the support level represented by the target of 1.2630. With careful consideration of the 60-minute time frame, we find that the 14-day momentum indicator is trying to provide positive signals that may push the pair to the bullish slope during the coming hours.
Therefore, with trading remaining above 1.2630, it is possible to retest 1.2690 and 1.2710, respectively, before determining the next price destination, provided it remains above the mentioned support.
The decline below 1.2630 leads the pair to complete the bearish path again, with targets that start at 1.2600 and extend later towards 1.2570.
Note: Today, we are awaiting the Bank of Canada interest statement and the Canadian interest rate, and we may witness high volatility in prices.
Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.
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