Canadian Dollar: Touches First Target of Bullish Correction

The Canadian dollar maintained its bullish bias within the bullish correction, as we expected establishing a good support floor around 1.2760 / 1.2750, touching the first bullish correction target of 1.2850, recording its highest level at 1.2847.

Technically speaking, and with a closer look at the chart, we find the simple moving averages continue to hold the price from below, and this comes in conjunction with the continued maintenance of the pair intraday above 1.2800 and generally above 1.2760.

The bullish correction is in progress, knowing that the breach of 1.2850 is a catalyst that facilitates the task required to achieve the second corrective target 1.2885, and then 1.2930.

Activating the bullish scenario requires stability above 1.2760, and breaking it increases the possibility of re-testing 1.2710.

S1: 1.2790	R1: 1.2860
S2: 1.2750	R2: 1.2885
S3: 1.2710	R3: 1.2930