Canadian Dollar: Mixed Signals

The Canadian dollar is trying to build a base on the support floor of the psychological barrier of 1.2500 within a temporary bullish bias after it found a solid support floor around 1.2470.

Technically speaking, and with a closer look at the chart at a 60-minute chart, we find the stochastic indicator trying to obtain signs of a positive crossover that supports the possibility of an upward slope targeting a retest of 1.256, and on the other hand, the simple moving average continues to pressure the price from the top.

With the conflict of technical signals, we will stand on the fence for a moment until the image is clearer more precisely, and we will be in front of one of the following scenarios:

Stability above 1.2470 increases the possibility of touching 1.2555. It should also be noted that surpassing the aforementioned level is a catalyst for visiting 1.2600.

Activating short positions requires a clear breach of 1.2470, which puts the price under strong negative pressure, targeting 1.2430 and may extend later towards 1.2380.

S1: 1.2470	R1: 1.2555
S2: 1.2430	R2: 1.2600
S3: 1.2380	R3: 1.2640