Canadian Dollar: Looking For Extra Momentum

We committed to intraday neutrality during the previous analysis due to the contradictory technical signals, and the Canadian dollar is still building on the support floor of 1.2470.

Technically speaking, we tend to be positive, depending on the attempts of Stochastic to obtain additional momentum, in addition to the intraday stability above 1.2500.

Although we tend to be positive, we prefer to confirm the breach of 1.2555 / 1.2560, because this is a catalyst that enhances the chances of a retest of 1.2610, and then 1.2640.

Trading below 1.2500 and the most important 1.2470 will renew the chances of the bearish tendency to control the pair’s moves, opening the way directly towards 1.2430.

S1: 1.2470	R1: 1.2570
S2: 1.2430	R2: 1.2610
S3: 1.2380	R3: 1.2660