Canadian Dollar Continues Bullish Correction

The Canadian dollar succeeded in continuing the bullish corrective tendency referred to during the previous analysis, touching our first target at 1.2555, recording the highest during early trading for the current session 1.2555.

Technically speaking, and with the pair continuing to get a positive stimulus from the 50-day moving average, coinciding with the RSI indicator getting noticeable bullish momentum on short time frames.

Consequently, we will maintain our positive outlook towards the second target of the previous report at 1.2580, and then 1.2610 a next stop, and the breach of it extends the pair’s gains, so we will be waiting for 1.2660. The bullish scenario requires stability above 1.2500.

S1: 1.2500	R1: 1.2580
S2: 1.2445	R2: 1.2610
S3: 1.2410	R3: 1.2660