Canadian Dollar: Breaking Resistance And Bullish Corrective Bias Remains

Positive trading dominated the Canadian dollar’s ​​movements yesterday within the expected bullish path, in which we depended on the breach of 1.2550, indicating that this is a catalyst that strengthens the bullish chances of touching the first target of 1.2610, recording a high of 1.2623.

Technically, and with a closer look at the chart, we tend to be positive in our trading, depending on the breach of the 1.2550 resistance level, which has now turned into a support level, in addition to base the price on 1.2510 again, in addition to the positive stimulus coming from the 50-day moving average.

Therefore, we target 1.2660/1.2670, a next target that may extend to 1.2730 later. The bullish scenario requires stability above 1.2510.

S1: 1.2520	R1: 1.2665
S2: 1.2430	R2: 1.2715
S3: 1.2380	R3: 1.2810