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The Canadian dollar managed to consolidate, maintaining positive stability above the previously breached resistance level 1.2730, touching the first target at 1.2770, recording its highest level during the early trading at 1.2770.
Technically, with the pair’s success in establishing a solid support floor in general above 1.2665, in addition to continuing to move above the 50-day moving average.
Therefore, the possibility of the upside is still valid and effective to target 1.2800, knowing that its breach is a catalyst, which increases the possibility of visiting 1.2830 and 1.2870. In general, we expect the rise to continue as long as trading is stable above 1.2665.
Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.
| S1: 1.2730 | R1: 1.2800 |
| S2: 1.2665 | R2: 1.2830 |
| S3: 1.2590 | R3: 1.2870 |
