CAD Built on Support And Eyes on BoC

The Canadian dollar built on the support published in the previous analysis at 1.2350, retest the resistance level of the psychological barrier 1.2400, recording the highest level at 1.2399.

Technically, and carefully looking at the 4-hour chart, we notice the return of the simple moving averages to hold the price from below, and the RSI continues to gain bullish momentum.

Therefore, the bullish bias will likely today, provided that the breach of 1.2410 is confirmed and leads to consolidating the Canadian dollar gains, targeting 1.2440 1.2770, respectively.

In general, we tend to be positive as long as the intraday trades are stable above 1.2300, and breaking it will force the pair to complete the move within the descending path, targeting 1.2240.

Note: BoC is due today and may cause some volatility

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