Canadian Dollar Retests Support

Mixed trading dominated the Canadian dollar’s movements yesterday, affected by the Canadian elections, Heading to 1.2860, to record the highest at 1.2895.

Technically, and by looking at the chart, we find stochastic is trying to get rid of the current negative signs, and we find the price is stable intraday above the 1.2720 support level, 50.0% Fibonacci correction.

We are inclined to the positive, targeting 1.2860, the first target, and breaching it enhances the chances of rising to visit 1.2950/1.2945 as a next station. However, below, we have broken the 1.2720 support level, delaying the chances of rising, and we witness a bearish bias, with its initial target of 1.2660.

S1: 1.2710	R1: 1.2860
S2: 1.2660	R2: 1.2945
S3: 1.2565	R3: 1.3000