Canadian Dollar Maintains Bullish Path

The technical outlook remains unchanged, and the Canadian dollar’s ​​movements have not witnessed a significant change, maintaining the bullish correction bias.

Technically speaking, 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 downside, the return of trading to stability below 1.2540 will delay the bullish chances, but not cancel it, and we may witness a re-test of 1.2480 before resuming the rise again.

S1: 1.2540	R1: 1.2630
S2: 1.2480	R2: 1.2670
S3: 1.2450	R3: 1.2710