Canadian Dollar Begins a Bullish Correction

The Canadian dollar starts its daily trading with a bullish bias, after it found a solid support floor around 1.2470, to witness the current moves a return to trading stability again above 1.2560.

Technically, today we are biasing positively in our trading, relying on the positive motive coming from the 50 day moving average.

We believe that there is a possibility of a further bullish correction during the coming hours, targeting 1.2690, and then 1.2760.

The stability of trading above 1.2550 is an important and necessary condition to activate the suggested scenario and return stability below it, determining the chances of the downside movement controlling again, targeting 1.2500.

S1: 1.2510	R1: 1.2690
S2: 1.2400	R2: 1.2760
S3: 1.2330	R3: 1.2870