Canadian Dollar: Built on Support And Positivity Remains

Despite the bearish bias that dominated the Canadian dollar’s movements during the previous trading session, we believe it is still limited.

Technically, the pair maintains stability above the pivotal support floor of 1.2500, accompanied by the pair continuing to receive positive signals from the RSI that is trying to gain bullish momentum.

Therefore, we will maintain our positive expectations, targeting 1.2550 first target, knowing that its breach is a catalyst that increases the possibility of touching 1.2590/1.2600, a next station that may extend its targets later towards 1.2630.

Confirmation of breaking 1.2500/1.2490 will immediately stop any attempts to rise and put the pair under negative pressure, targeting a retest of 1.2430 before attempts to rise again.

S1: 1.2490	R1: 1.2550
S2: 1.2430	R2: 1.2590
S3: 1.2380	R3: 1.3630