The Canadian Dollar Touches The First Target

The Canadian dollar achieved the first target of the bullish corrective slope at 1.2645, recording the highest during the previous trading session, 1.2647.

Technically, the resistance level 1.2645 formed negative pressure areas that forced the pair to retest the psychological barrier of 1.2600. By looking at the 4-hour chart, we notice some clear negative features on the stochastic indicator, which may force the pair to move within a bearish intraday path to retest 1.2560 and 1.2510 before rising again.

Note: the temporary bearish bias does not contradict the daily bullish trend, which targets around 1.2720, once the breach of the 1.2645 resistance level is confirmed.

S1: 1.2560	R1: 1.2645
S2: 1.2510	R2: 1.2720
S3: 1.2480	R3: 1.2750