CAD trying to get positive signals 8/6/2022

The Canadian dollar achieved the idea of ​​the bullish bias published during the technical analysis of yesterday’s session, touching the required retest target at 1.2620 and recording its highest level at 1.2620.

Technically and with careful consideration on the 60-minute chart, the current movements are witnessing intraday stability above the 1.2520 support level and, most importantly, 1.2500, as we find the RSI trying to obtain positive signs stable above the mid-line 50.

We may witness a little bullish bias in the coming hours, but cautiously, targeting 1.2600, considering that the overshoot and rise above 1.2600 is a catalyst to enhance the chances of a rise towards 1.2660.

We remind you that the general trend is bearish, and breaking 1.2500 will lead the pair to enter a strong descending wave whose initial targets are around 1.2465, while its official target is 1.2420.

S1: 1.2505	R1: 1.2600
S2: 1.2465	R2: 1.2660
S3: 1.2410	R3: 1.2700