Canadians Building on Support

Positive trades dominated the Canadian dollar’s movements after attempts to build on the main support floor located at 1.2300, to return to the bullish rebound, retesting the resistance level of the psychological barrier 1.2400.

Technically, and by looking at the chart with a 60-minute chart, we notice that the price stabilizes intraday above 1.2350, accompanied by positive signs from the RSI.

We tend to be positive, but the condition for confirming the breach of 1.2410/1.2400 contributes to strengthening the chances of rising towards 1.2440 and 1.2475, respectively.

In general, we tend to have a bullish corrective slope unless we witness the return of stability below 1.2300. This forces the pair to complete the official bearish trend with an initial target of 1.2240.

S1: 1.2350	R1: 1.2410
S2: 1.2300	R2: 1.2440
S3: 1.2260	R3: 1.2475