Canadian Dollar Based on Support

The Canadian dollar successfully retests the pivotal support published in the previous analysis, at 1.2580, concluding its daily trading above the mentioned support.

Technically, and by looking at the chart, we find Stochastic is trying to get rid of the current negativity, in addition to trading above 1.2580.

This increases the possibility that we will witness a bullish bias in the coming hours, targeting 1.2660, 61.80% correction, taking into account that the confirmation of breaching the mentioned level is a catalyst that intensifies the chances of touching 1.2700/1.2720, 50.0% correction.

Breaking 1.2580 can thwart the current bullish attempts and make us turn negative again so that the way is directly open towards 1.2545 and 1.2500. Note: The risk level is high.

S1: 1.2580	R1: 1.2660
S2: 1.2540	R2: 1.2700
S3: 1.2480	R3: 1.2745