CAD may see a limited upward trend 7/6/2022

Limited positive trading returned to dominate the Canadian dollar’s movements, benefiting from the 1.2540 support level, forcing the pair to rebound to the upside and witness the current movements of intraday stability above 1.2550.

Technically, we find that the momentum indicator 14 could obtain positive signals on the short time intervals and stabilize trading above the support mentioned above level.

We may witness a little bullish bias in the coming hours, whose objective is to retest the strong resistance 1.2620, and breaching it may enhance the chances of a rise towards 1.2660 before descending again.

The decline below 1.2550 invalidates the limited bullish bias and leads the pair to the official bearish path, which targets start at 1.2505 and extends towards 1.2465.

S1: 1.2550	R1: 1.2620
S2: 1.2505	R2: 1.2660
S3: 1.2475	R3: 1.2690