The Canadian Finds a Strong Resistance

The resistance levels published during the previous analysis, at 1.2480, were able to limit the bullish correction tendency referred to during the last analysis, touch the target level, and start trading negatively again.

From the angle of technical analysis today, stochastic is trading with negativity. The stability of the intraday trading is below the resistance level of 1.2780, represented by the 50.0% Fibonacci correction.

Therefore, we may witness a bearish tendency during today’s session, targeting a retest of 1.2400 before rising again. However, Rising above 1.2480, 50.0% correction, will immediately stop the suggested scenario and lead the pair to complete the bullish correction path so that we will wait for 1.2530 and 1.2570 initial targets, respectively.

S1: 1.2400	R1: 1.2495
S2: 1.2340	R2: 1.2530
S3: 1.2300	R3: 1.2585