Canadian Dollar: Built on Support

The Canadian dollar succeeded in touching the first target to be achieved during the previous report, located at 1.2675, to record its lowest price during the previous trading session of 1.2660.

From a technical view, the pair found a good support floor represented by our previous target, to start its morning trading on a bullish slope, targeting a re-test of 1.2730 resistance.

With a closer look at the 60-minute chart, we find positive attempts by the RSI to provide bullish momentum.

Therefore, we may witness the beginning of an upward correction targeting 1.2750, bearing in mind that trading above the aforementioned level is a catalyst that increases the possibility of touching 1.2775 and then 1.2820.

Activating the suggested bullish scenario requires stability above 1.2665, because breaking it will immediately stop the attempts to rise, and the pair will resume the bearish path towards 1.2610.

S1: 1.2670	R1: 1.2750
S2: 1.2635	R2: 1.2775
S3: 1.2605	R3: 1.2820