The Canadian Dollar Continues to Rise

The Canadian dollar started today’s trading session with an upward bias within the expected positive technical outlook, maintaining the intraday stability above the breached resistance level of 1.2730.

Technically, the bullish scenario is still valid and effective, based on the positive motive of the 50-day moving average, which meets around the 1.2690 support level, in addition to the pair’s success in stabilizing above the breached resistance level 1.2730, 23.0% correction.

We believe that chances of recording more gains are still available to target 1.2845/1.2840, an initial station whose gains extend during the session towards 1.2880 initially.

Refining the proposed scenario depends on the stability of trading during today’s trading session above 1.2690. Breaking it will postpone the idea of ​​the rise and not cancel it because the trend, in general, is bullish unless we witness any trading below 1.2595, 38.20% correction.

S1: 1.2730	R1: 1.2810
S2: 1.2690	R2: 1.2840
S3: 1.2590	R3: 1.2885