Canadian Dollar: Attacks The Resistance

We maintain the same technical conditions for the Canadian dollar as the movements did not change much within attempts to rise within the expected bullish corrective slope.

Technically speaking, the Canadian starts attacking the previously broken support-into-resistance level at 1.2330, 50.0% Fibonacci correction. Coming from the 50-day moving average.

Therefore, the pair’s success in breaching 1.2330/1.2340 is a catalyst that enhances the chances of rising to visit 1.2375, and then 1.2410, 61.80% correction.

It should be noted that the price stability above 1.2410 increases the strength of the bullish corrective bias, with the aim of 1.2500 next stop.

S1: 1.2265	R1: 1.2340
S2: 1.2230	R2: 1.2375
S3: 1.2180	R3: 1.2420