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The Canadian dollar built on the pivotal support floor published during yesterday’s analysis, at 1.2670, which forced the pair to rebound to the upside to retest the psychological resistance level of 1.2800.
technically, with the positive motive for the 50-day moving average, which returned to hold the price from below, in addition to the bullish technical structure shown on the chart.
The bullish bias is more likely today, knowing that the breach of 1.2800 extends the pair’s gains, so we are waiting for 1.2830, a first target, and then 1.2865, and it may extend later to visit 1.2930.
From below, trading stability returns to the 1.2720 support level, delaying the bullish bias and putting the price under temporary negative pressure that will lead to retesting 1.2660 initially.
| S1: 1.2720 | R1: 1.2830 |
| S2: 1.2660 | R2: 1.2865 |
| S3: 1.2630 | R3: 1.2935 |
