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The technical outlook is unchanged, and the movements of the Canadian dollar did not change, maintaining the positive stability within the bullish corrective path.
Technically, and with the pair’s success in intraday stability above 1.2510, in addition to the stability of trading above the previously breached resistance level 1.2480 located at 50.0% Fibonacci correction, in addition to 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, so we are waiting for 1.2680 and 1.2720, respectively.
To remind that activating 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 attempts to rise again.
| S1: 1.2510 | R1: 1.2635 |
| S2: 1.2430 | R2: 1.2680 |
| S3: 1.2370 | R3: 1.2750 |
