Canadian Dollar: Chances to Upside

The Canadian dollar continues its attempts to maintain the positive stability above the support level of 1.2710 for the third session in a row.

Technically speaking, we find the pair maintains positive stability above the support floor of 1.2710 supported by the stochastic obtaining signs of a positive crossover, coinciding with the current attempts of the RSI to provide positive signals.

Therefore, the bullish bias is likely today, targeting 1.2850, knowing that the rise and stability of the price above the aforementioned level is a catalyst that increases the chances of an upside move towards the second bullish correction target of 1.2930.

On the downside, Trading below 1.2710 negates the suggested bullish scenario and puts the price under negative pressure aiming to re-test 1.2660.

S1: 1.2740	R1: 1.2850
S2: 1.2695	R2: 1.2910
S3: 1.2630	R3: 1.2955