The Canadian Continues to Long Positions

The Canadian dollar gathered bullish momentum within the expected bullish corrective path after confirming the breach of 1.2470, heading towards touching the first official target of the bullish correction wave at 1.2580, recording its highest level during the early trading of the current session at 1.2600.

Technically, and with the pair’s success in intraday stability above 1.2510 and trading above the previously breached resistance level of 1.2480, 50.0% Fibonacci correction, and the price stability above the 50-day moving average.

From here, we maintain our positive expectation, targeting 1.2635, the first target, knowing that its breach is a catalyst that contributes to strengthening the pair’s gains towards 1.2680 and 1.2720, respectively.

The suggested bullish scenario requires the price to remain stable in general above 1.2480. The return of trading stability below it puts the price under temporary negative pressure to retest 1.2430 before attempting to rise again.

S1: 1.2510	R1: 1.2635
S2: 1.2430	R2: 1.2680
S3: 1.2370	R3: 1.2750