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The support level published during the previous analysis, located at 1.2540, succeeded in limiting the bearish bias that the Canadian dollar witnessed during the previous session, to succeed in retesting the aforementioned support and starting the bullish rebound again.
From technical analysis, the RSI indicator provides clear positive signals, in addition to trading stability above 1.2540.
From here, the bullish scenario will remain valid and effective targeting 1.2630/1.2640 as a first target, bearing in mind that the breach of the aforementioned level is a catalyst that enhances the chances of completing the bullish corrective bias with the target of 1.2685 and extending later towards 1.2730.
In general, we will continue to favor the bullish corrective bias unless we witness any trading below 1.2500.
| S1: 1.2545 | R1: 1.2640 |
| S2: 1.2500 | R2: 1.2685 |
| S3: 1.2455 | R3: 1.2730 |
