Canadian Dollar Strengthens Bullish Chances

The Canadian dollar is witnessing positive movements during the previous session, after it succeeded in breaching the 1.3260 resistance level.

Technically speaking, the current moves are stabilizing above the psychological barrier of 1.3300 and the SMA 50 is holding the price with signs of a positive crossover from the stochastic indicator.

From there, we may witness a rise in the coming hours, targeting 1.3365, noting that trading above 1.3365 confirms and accelerates the strength of the daily trend, opening the door towards a re-test of 1.3400.

From the downside, with the price remaining below the support line 1.3260, chances of upside will be postponed and the price will be exposed to negative pressure on the target of 1.3190 before rising again.

S1: 1.3260	R1: 1.3365
S2: 1.3200	R2: 1.3400
S3: 1.3165	R3: 1.3455