Canadian Dollar Meets The Resistance

The Canadian dollar succeeded in touching the first target required to be achieved during the previous analysis, located at 1.3600, recording its highest level during the previous trading session at 1.2630.

Technically speaking, the pair hit a strong resistance level at 1.2630, retreating significantly to retest 1.2530.

With a closer look at the chart, the 50-day moving average returned to pressure the price from the higher, in addition to the intraday stability below 1.2560.

Consequently, we may witness a re-test of 1.2500/1.2490, and it should be noted that a breach of the aforementioned level is capable of entering the pair into a strong selling wave, whose initial target is around 1.2410.

Crossing above 1.2600 will lead the pair to continue the bullish correctional tendency, to be waiting for 1.2670, and then 1.2710.

S1: 1.2500	R1: 1.2605
S2: 1.2455	R2: 1.2670
S3: 1.2390	R3: 1.2710