Canadian Dollar: Struggles to Build on Support

We committed to intraday neutrality during the previous analysis due to the conflicting technical signals to witness the Canadian dollar’s trading a sideways context trapped from below above the support level of 1.2470 and from above below the resistance level at 1.2555.

Technically, by looking at the 60-minute chart, we find the stochastic indicator trying to provide signs of a positive crossover, in addition to attempts to stabilize the price above 1.2470.

From here, we may witness a bullish bias during today’s session, knowing that confirming the breach of 1.2535 increases the possibility of touching 1.2555, and gains may extend later towards 1.2570.

Only from below is the return of trading stability below 1.2740 to nullify the upside attempts and lead the pair to enter a downside wave, whose initial target is 1.2440, while its official target is around 1.2400.

S1: 1.2470	R1: 1.2535
S2: 1.2440	R2: 1.2570
S3: 1.2380	R3: 1.2605