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The Canadian dollar’s movements witnessed a positive trading session within the expected bullish context, touching the official station required for the current ascending wave 1.2840.
Technically, the current moves are witnessing a bearish tendency as a result of hitting 1.2840, in addition to the stochastic entering the overbought areas intraday. The pair is now hovering around the previously breached resistance-into-support 1.2730, 23.60% correction, and pressing on the mentioned level.
Therefore, there is a possibility of a bearish bias in the coming hours to retest 1.2700 and 1.2665 before resuming the rise again, considering that the limited bearish slope does not contradict the daily bullish trend, which meets its official targets around 1.2875 and 1.2910.
| S1: 1.2700 | R1: 1.2810 |
| S2: 1.2665 | R2: 1.2875 |
| S3: 1.2595 | R3: 1.2910 |
