Canadian Dollar Re-Test Support

The pair succeeded in achieving the expected positive outlook, and touched the target published in the previous analysis at 1.3300, to hit a high of 1.3335.

Technically, looking at the 60-minute chart, we see the RSI indicator starting to lose bullish momentum with the stochastic entering overbought areas.

We think that there is a possibility that we will witness a mild bearish bias targeting a re-test of the previously breached resistance-into-support 1.3230 / 1.3250 before rising again.

Warning: Returning to trading above 1.3330 will negate the expected scenario and push the pair to resume the bullish path, with an initial target of 1.3360 and extending to 1.3420.

S1: 1.3200	R1: 1.3355
S2: 1.3110	R2: 1.3420
S3: 1.3045	R3: 1.3510