Canadian Dollar Maintains Gains

The Canadian dollar maintained its gains within the expected positive outlook during the last analysis, touching the target to be achieved last Friday at 1.2850, recording its highest level at 1.2854.

Technically, still witnessing intraday stability above the psychological barrier of 1.2800, accompanied by positive stimulus from the 50-day moving average, in addition to piling trading in general above the previously breached resistance level, which turned into the support level of 1.2730, 23.60% Fibonacci correction.

From here, we maintain our positive expectation, considering that trading above 1.2850 is a catalyst that contributes to consolidating the gains to visit 1.2930, and the gains may extend later towards 1.2975.

The decline below the 1.2800 support level puts the price under temporary negative pressure that targets a retest of 1.2770 & 1.2730 before attempts to rise again.

S1: 1.2770	R1: 1.2885
S2: 1.2730	R2: 1.2930
S3: 1.2665	R3: 1.2995