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The Canadian dollar was able to build a base on the support floor of 1.2650, which we mentioned as a protection key to limit the bearish trend, forcing the pair to retest the previously broken support, which was converted to the resistance level at 1.2730.
Technically speaking, and despite the dominance of the general bearish trend over the pair’s movements, we believe that there is a possibility of an upward slope depending on the positive signs coming from the RSI in addition to the beginning of the positive crossover signs on the stochastic indicator.
Therefore, we target 1.2720 / 1.2730, and a breach of it could enhance the bullish chances towards 1.2770. From the bottom, trading stability returned below 1.2630, which leads the pair to resume the downside trend, and we are witnessing a strong selling wave, with an initial target of 1.2540.
| S1: 1.2630 | R1: 1.2725 |
| S2: 1.2570 | R2: 1.2770 |
| S3: 1.2540 | R3: 1.2810 |
