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The Canadian dollar was able to complete the bullish correction referred to during the previous analysis, touching the official target station required to be achieved at 1.2600, recording its highest level at 1.2613.
Technically, by looking at the 240-minute chart, we find the simple moving averages continuing to hold the price from below, in addition to the pair’s success in confirming the breach of the established 1.2520 level, which is now turned into a support level.
Therefore, the bullish scenario will remain valid and effective, targeting 1.2635, considering that breaching the mentioned level increases the strength of the bullish trend, opening the way towards 1.2680 and then 1.2740.
From below, the return of the stability of trading below 1.2520/1.2500 delays the chances of rising but does not cancel them, and we may witness a retest of 1.2410, 61.80% correction before rising again.
| S1: 1.2520 | R1: 1.2635 |
| S2: 1.2410 | R2: 1.2680 |
| S3: 1.2340 | R3: 1.2745 |
