Canadian Dollar Maintains Bullish Corrective Bias

The Canadian dollar’s ​​efforts continue to maintain the bullish correction bias after it succeeded in building a base on the support floor of 1.2500.

Technically, we are continuing to suggest the bullish trend, relying on the intraday trading stability above 1.2540 the previously breached resistance in addition to the positive motive for the 50-day moving average that continues to hold the price from the top, coinciding with the clear positive crossover signals on the stochastic indicator.

We are targeting 1.2630, and the breach thereof is a catalyst that increases and accelerates the strength of the bullish corrective trend, so that the way is directly open towards 1.2660 and then 1.2710.

From the bottom, the return of trading to stability below 1.2540 delays the bullish chances, but does not cancel it, and we witness a re-test of 1.2480 before resuming the rise again.

Note: Stochastic is trading bullish intraday now.

S1: 1.2540	R1: 1.2630
S2: 1.2480	R2: 1.2660
S3: 1.2450	R3: 1.2710