Canadian Dollar Testing Support

The Canadian dollar is hovering around the support level mentioned in the analysis located at 1.2680, which we showed that it represents the first protection key to maintain the bullish corrective bias.

In terms of technical analysis, and despite the technical factors that support the continuation of the decline, we increase the risk appetite and prefer positivity based on the stability of trading above the aforementioned support floor, which is accompanied by the stochastic around the oversold phase.

Trading again above 1.2730 facilitates a catalyst factor that enhances the chances of completing the minor bullish correction with the target of 1.2770 and 1.2800, respectively.

Confirmation of price breaching and stability of the aforementioned support will immediately stop the attempts to rise, and we will witness the continuation of the bearish directional movement with official target 1.2640 & 1.2600.

Note: The level of risk may be high.

S1: 1.2665	R1: 1.2730
S2: 1.2640	R2: 1.2770
S3: 1.2590	R3: 1.2800