The Canadian Dollar Re-tested Support

The Canadian dollar has restored the strong support level mentioned in the last report at 1.2500 and still seeks to maintain the bullish corrective slope stable above 1.2480.

Technically and carefully looking at the 4-hour chart, we notice the arrival of the stochastic indicator around the overbought areas, in addition to the stability of trading above the 1.2480 support level represented by the 50.0% Fibonacci correction as shown on the chart.

Therefore, the bullish bias is likely in the coming hours, knowing that trading above 1.3540 facilitates the task required to visit 1.3570 and 1.3610, respectively.

Trading below the support level 1.2480 will immediately stop any attempts to rise and put the price under intense negative pressure; its initial target is 1.2380, 61.80% correction.

S1: 1.2510	R1: 1.2635
S2: 1.2430	R2: 1.2680
S3: 1.2370	R3: 1.2750