The Canadian Trying to Build on Support

The Canadian dollar was able to activate the idea of ​​retesting the resistance published during the previous analysis. We relied on intraday stability above the 1.2300 support level to raise risk appetite for an intraday rise towards our awaited target of 1.2375, recording the highest level at 1.2388.

Technically, despite the official bearish trend of continuous negative pressure from the simple moving averages, we expect a bullish bias unless we witness any trading below the critical support level 1.2300.

Therefore, there is a possibility of gathering additional momentum that will lead the pair to retest the previously broken support turned into the 1.2400/1.2380 resistance level. The gains may extend towards 1.2430.
Trading below 1.2280/1.2300 will immediately stop the suggested scenario above and lead the pair to the official descending path with a target of 1.2230, an official target to break the 1.2280 support level.

Note: Stochastic is around overbought areas.

S1: 1.2300	R1: 1.2400
S2: 1.2270	R2: 1.2435
S3: 1.2230	R3: 1.2490