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Remarkable positive trades dominated the movements of the Canadian dollar within the bullish context as we expected it to touch the first target that is required to be achieved during the previous analysis 1.2910 and is approaching by a few points from the second target 1.2950, recording the highest level at 1.2940.
Technically, and with careful consideration on the 4-hour chart, the negative trades returned to dominate the pair’s movements due to hitting the resistance level at 1.2950. Furthermore, the negativity of the stochastic indicator contradicts the continuation of the 50-day moving average, providing a positive motive.
We will stand aside for the moment to obtain a high-quality deal and to maintain the profitability rates that were achieved during the current month so that we will be waiting for the activation of the following orders:
Should monitor the 1.2800 level because a break increases the probability of retesting 1.2730, the previously breached resistance, and turned into a support level at the 23.60% Fibonacci retracement.
If the price holds around 1.2800 and returns to rise again with the price stability above 1.2870, then the pair returns to the official bullish track with a target of 1.2975, and it may extend later to visit 1.3015.
| S1: 1.2800 | R1: 1.2910 |
| S2: 1.2730 | R2: 1.2975 |
| S3: 1.2665 | R3: 1.3015 |
