Canadian Dollar: Trying to Build on Support And We Might Witness a Temporary Bullish Tendency

After several consecutive sessions of the expected decline of the Canadian dollar, touching the official target station of the current descending wave at 1.2280, to record the lowest price at 1.2264.

Technically, we notice the positive attempts of the Canadian dollar to settle above 1.2265, accompanied by the positive crossover signals that began to appear on the stochastic indicator.

This makes us think of the possibility that we will witness a bullish corrective slope targeting a re-test of 1.2375/1.2380. From below, the return of trading stability below 1.2265/1.2260 will stop the bullish attempts and lead the pair to the official descending path, to be the next targets at 1.2230 and extend to 1.2190.

S1: 1.2265	R1: 1.2310
S2: 1.2230	R2: 1.2375
S3: 1.2190	R3: 1.2410