Canadian Dollar: Tries to Maintain The Bullish Corrective Slope

The technical outlook is unchanged, and the pair’s movements have not changed significantly, within attempts to maintain the bullish correction tendency, setteled above 1.2030 and most importantly 1.2000.

Technically, stochastic is still trying to provide positive signals to get additional momentum. Therefore, the bullish bias is likely today, targeting 1.2125, a first target, and its breach is a catalyst that enhances the chances of rising to visit 1.2160/1.2170, and gains may extend later towards 1.2200.

From below, trading below 1.2060 postpones the chances of rising but does not cancel them, and we may witness a retest of 1.2030 and 1.2000 before attempts to rise again. In general, we continue to suggest an upward correction bias unless we witness any trading below 1.2000.

S1: 1.2060	R1: 1.2125
S2: 1.2000	R2: 1.2160
S3: 1.1965	R3: 1.2200