Canadian Dollar Trying to Slit Its Way Towards Positive

The Canadian dollar witnessed a slight bullish bias yesterday, taking advantage of the 1.3000 support level to retest the 1.3165 resistance level.

Technically and by looking at the 60-minute chart, we find the 50-day moving average trying to push the price to the upside in conjunction with the RSI gaining an intraday bullish momentum.

Therefore, we may witness attempts to breach 1.3175 in the coming hours, which is a motive that enhances the chances of a rally towards 1.3205 then 1.3240.

If the pair fails to breach the aforementioned resistance and returns to trading below 1.3110, this puts the price under negative pressure to continue the downside path with a first official target at 1.3050 then 1.3010.

Warning: Stochastic is still holding onto the negative.

S1: 1.3110	R1: 1.3205
S2: 1.3045	R2: 1.3240
S3: 1.3010	R3: 1.3302