Canadian Dollar: Achieves Noticeable Gains Within The Bullish Corrective Slope

The Canadian dollar was able to build on the pivotal support floor located at the price of 1.2030 to return to trading within the suggested bullish corrective slope during the previous analysis, in which we relied on breaching 1.2070, touching the first target of 1.2100, heading to visit the second target 1.2130.

Technically speaking, we maintain our positive outlook, relying on the stability of trading above the resistance level of 1.2070, accompanied by the positive motive for the 50-day moving average, in addition to the RSI gaining bullish momentum.

Therefore, we target 1.2150, knowing that trading above the mentioned level is a catalyst that enhances the chances of rising to retest 1.2180, and gains may extend later to visit 1.2230.

In general, we continue to suggest the bullish correction tendency unless we witness any trading below 1.2030 and in general 1.2000.

Note: US and Canadian jobs data are due today and may cause volatility.

S1: 1.2060	R1: 1.2150
S2: 1.2000	R2: 1.2185
S3: 1.1965	R3: 1.2245