Canadian Dollar Waiting For a New Signal

Narrow-range sideways trades tend to be negative, dominating the movements of the US dollar against its Canadian counterpart, crammed from the bottom above 1.2030 and from above below 1.2100.

In terms of technical analysis today, trading remains below 1.2090 supports negativity accompanied by negative pressure coming from the simple moving averages. On the other hand, we find Stochastic trying to obtain positive signals that support the occurrence of a bullish corrective tendency.

With the conflict of technical signals, we will stand on the fence in order to obtain a high-quality deal, to be in front of one of the following scenarios:

Reactivating long positions requires price stability above 1.2100 to target 1.2170, while activating short positions requires us to witness a clear and strong break of the 1.2030 support floor, and from here the pair is exposed to strong negative pressure. The initial targets of 1.2000 may extend towards 1.1965.

Note: the level of risk is high

S1: 1.2030	R1: 1.2100
S2: 1.1990	R2: 1.2130
S3: 1.1965	R3: 1.2170