The Canadian Touches a Pivotal Support

The Canadian dollar touched the official target mentioned in the previous analysis, at 1.2310, recording its lowest level in the last session’s trading at 1.2310.

Technically, the pair tried to achieve some bullish rebound as a result of taking advantage of the published support 1.2310 to retest 1.2380; we notice the negative pressure coming from the simple moving averages that continue to pressure the price from above, in addition to the stability of the intraday trading below 1.2380.

We tend to the negativity, targeting 1.2300. Building on the solid support floor 1.2300, any attempts to stabilize above 1.2375 can increase the chances of rising with the target of 1.2455.

S1: 1.2300	R1: 1.2375
S2: 1.2270	R2: 1.2415
S3: 1.2230	R3: 1.2455