Canadian Dollar Touches The Target, Eyes on BoC

The Canadian dollar achieved the expected negative outlook during yesterday’s trading session, touching the second target around 1.2665, recording its lowest level at 1.2635 during the morning trading of the current session.

Technically, the pair broke the strong support level 1.2730, 23.60% correction, and the mentioned level turned into a resistance level according to the concept of exchanging roles.

Therefore, today we may witness more declines to visit 1.2595, a first target, and the price behavior of the pair should be monitored around this level as breaking it increases the strength of the minor bearish correction, paving the way towards 1.2550 and 1.2510.

Rising gain above 1.2730 will immediately stop the expected bearish scenario and lead the pair to the official bullish path, with targets starting at 1.2810 and extending towards 1.2850 initially.

Note: BoC statement is due today

S1: 1.2595	R1: 1.2730
S2: 1.2550	R2: 1.2810
S3: 1.2470	R3: 1.2850