Canadian Dollar Testing Support

The Canadian dollar continues to achieve gains against its US counterpart, to find the pair now hovering around the psychological barrier support level of 1.2700.

Technically, we see that the simple moving averages continue to support the bearish curve, but we find the stochastic trading around oversold areas.

Although the technical factors indicate the possibility of continuing the decline, we tend to have an intraday positive on short time frames, targeting a re-test of 1.2750, then 1.2800 before retreating again.

Note: the bullish slight inclination does not contradict the general bearish trend, official targets are around 1.2600 once the break of 1.2680 is confirmed.

S1: 1.2670	R1: 1.2750
S2: 1.2640	R2: 1.2800
S3: 1.2595	R3: 1.2835