Canadian Dollar Touches First Target of Bullish Correction

The Canadian dollar provided positive trades during the previous trading session within the technique of re-testing the resistance indicated during the previous analysis at 1.2740, recording its highest level at 1.2746.

Technically, we find the price is stable above the previously breached resistance level, which has now turned to the support level of 1.2660, and we notice that the 50-day moving average started holding the price from the bottom in support of the continuation of the rise.

Therefore, this encourages us to maintain our positive outlook, noting that the breach of 1.2750 facilitates the task required to visit 1.2770, and then 1.2800, respectively.

The return of trading to stability below 1.2660 puts the price under negative pressure, targeting 1.2610 before attempting to rise again.

S1: 1.2675	R1: 1.2740
S2: 1.2650	R2: 1.2770
S3: 1.2620	R3: 1.2800