Canadian Dollar: Able to Build on The Support Floor And The Bullish Correction is in Place

The Canadian dollar was able to build on the strong support floor mentioned during the technical reports issued over the past week at 1.2060, in addition to establishing a solid support floor around 1.2000, heading to touch the bullish corrective slope target 1.2130.

Technically, the pair continues to obtain positive stimulus from the simple moving averages, which coincides with the continuation of stochastic gaining additional momentum.

Therefore, the bullish bias is likely today, targeting 1.2160, a first target, and its breach is a catalyst that enhances the chances of rising to visit 1.2200, and gains may extend later towards 1.2230.

From below, trading below 1.2060 postpones the chances of rising but does not cancel them, and we may witness a retest of 1.2030 and 1.2000 before attempts to rise again.

S1: 1.2060	R1: 1.2160
S2: 1.2000	R2: 1.2200
S3: 1.1965	R3: 1.2235