CAD Making Remarkable Gains And Positivity Remains

The Canadian dollar achieved noticeable gains during the previous session’s trading, heading towards the awaited bullish correction tendency at 1.2410, to extend its gains, touching a high at 1.2530.

Technically, and with the pair’s success in confirming the breach of 1.2410, the 61.80% Fibonacci retracement, which has now turned into a support level, in addition to the positive motive for the 50-day moving average.

This increases the possibility of completing the bullish corrective slope with the first target of 1.2565, then 1.2600; targets may extend later to visit 1.2670. In general, the trend is to the upside unless we witness a trading volume and a daily closing below 1.2410.

S1: 1.2455	R1: 1.2565
S2: 1.2380	R2: 1.2600
S3: 1.2330	R3: 1.2670