Canadian Struggling For a Bullish Correction

The Canadian dollar was able to trade positive, but still, limited positivity, touching the target of the first retest published during the previous analysis at the price of 1.2120, recording its highest level 1.2120.

Technically, we still believe that there is a possibility to complete the bullish corrective tendency, relying on trading stability above 1.2070/1.2065, accompanied by the continued occurrence of the pair getting positive crossover signals from the stochastic indicator.

From here, the bullish corrective bias will remain the most favorable, and a breach of 1.2120 will extend the pair’s gains to visit 1.2170.

In the event that the pair fails to maintain the trading level above 1.2065, from here the official bearish trend will return to control the pair’s movements with a target of 1.2020/1.2000.

S1: 1.2070	R1: 1.2120
S2: 1.2020	R2: 1.2170
S3: 1.1980	R3: 1.2205