Canadian Dollar Trying to Maintain a Gradual Rise

The Canadian dollar succeeded in its gradual rise to the upside, approaching a few points difference from the first target required to be achieved at 1.2560, recording a high of 1.2550.

Technically, and with a closer look at the interval chart, we find the pair managed to build a base on the support floor of 1.2460, as we find the stochastic indicator trying to get rid of the intraday negativity.

From here, a bullish bias may be likely today, bearing in mind that trading above 1.2550 facilitates the task required to re-test 1.2630.

Only from below is the return of trading stability below 1.2460 capable of completely negating the bullish scenario, and we may witness the resumption of the descending movements again, with the aim of 1.2420 / 1.2400 that might extend to 1.2370.

S1: 1.2460	R1: 1.2550
S2: 1.2420	R2: 1.2595
S3: 1.2370	R3: 1.2635