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Canadian Dollar Breaks Support

The Canadian dollar was trading in a positive range after it succeeded in confirming the breach of the 1.3330 resistance level, to consolidate its gains near the psychological barrier of 1.3400.

Technically, we believe that the continuation of the rally is intact, given the positive stimulus from the 50-day moving average in addition to the positive signs on the RSI.

Therefore, a bullish bias will be likely today, knowing that the breach of 1.3400 is a prerequisite for continuing to activate long positions towards 1.3445 as a first target that extends to 1.3490.

Activating the bearish scenario requires stability above 1.3270, and breaking the aforementioned level will stop any attempts to rise and push the pair to fall again towards 1.3210.

S1: 1.3270R1: 1.3390   
S2: 1.3220    R2: 1.3445   
S3: 1.3165   R3: 1.3500    

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