Canadian Dollar Retesting Support

The Canadian dollar was able to trade positively during the previous session within the expected bullish path, touching the target of bullish correction, as we expected at 1.2730.

Technically speaking, the current movements are witnessing a slight bearish bias, as a result of the stochastic entering the intraday overbought phase.

We are targeting a slight bearish bias in the coming hours, aiming to re-test 1.2640 support before continuing to rise again, knowing that trading above 1.2745 enhances the chances of completing the upside correction with the target of 1.2800.

A reminder that breaking 1.2640 puts the price under negative pressure with a target of 1.2585.

S1: 1.2640	R1: 1.2745
S2: 1.2585	R2: 1.2795
S3: 1.2530	R3: 1.2850