Canadian Dollar Begins a Bullish Correction

The Canadian dollar started its first weekly trading with a noticeable rise within the bullish context, in which we relied on confirming the pair’s breach of the resistance level of 1.2710 to continue its gradual rise.

In terms of technical analysis today, after the pair succeeded in establishing a good support floor around 1.2700, in addition to the return of the 50-day moving average to hold the price from below. This increases the possibility that we will witness a slight bullish correction during the current session, targeting 1.2830, and gains may extend later towards 1.2860.

Trading again below 1.2700 and the most important 1.2685 may negate the bullish correction and lead the pair to a strong bearish path, with the initial target of 1.2630.

S1: 1.2740	R1: 1.2800
S2: 1.2700	R2: 1.2830
S3: 1.2675	R3: 1.2870