The Canadian Dollar Witnesses a Bullish Correction

The Canadian dollar continues its attempts to rally within a bullish corrective context, after finding a strong support floor near 1.2660.

Technically speaking, the current movements of the pair are witnessing positive attempts supported by the pair getting positive signals from the RSI to get bullish momentum in short time intervals.

We tend to be positive, keeping the same previous expectations, to re-test 1.2795/1.2800 as a first target, then 1.283. Next official stop. The price behaviour should be monitored around 1.2830, because breaching it considered as a sign of a reversal of the trend to the upside, with its initial target of 1.2990.

The return of price stability again below the support floor of 1.2690, and the most important 1.2660 will immediately stop the attempts to rise and lead the pair to continue the descending vertical path towards 1.2580.

S1: 1.2690	R1: 1.2795
S2: 1.2625	R2: 1.2830
S3: 1.2585	R3: 1.2895