Canadian Dollar Approaching Second Target For Upward Correction

The Canadian dollar recovered significantly during last Friday’s trading session within the path of the aforementioned bullish correction, touching the first target of the correction at 1.2690, recording a high of 1.2748.

Technically speaking, and with a closer look at 60 minutes chart, we find the stochastic indicator is trading around the intraday overbought areas, accompanied by the stability of the intraday moves below the level of 1.2740.

This increases the possibility that we will witness a slight bearish bias in the coming hours, targeting 1.2620 before rising again.

Note: the bearish slight bias does not contradict the daily bullish trend, which its official targets are around 1.2790 once the breach of 1.2745 is confirmed.

S1: 1.2610	R1: 1.2770
S2: 1.2520	R2: 1.2840
S3: 1.2450	R3: 1.2935