Canadian Dollar Completes The Bullish Correction

The Canadian dollar found a strong resistance level around 1.2930, which limited the completion of the bullish correction scenario, as the current moves witness a slight bearish slope within attempts to re-test 1.2850.

Technically speaking, we will continue maintaining the bullish correction, depending on trading stability above 1.2850, and generally above 1.2800.

Therefore, the bullish scenario will remain valid and effective, targeting 1.2935 the first target, and then 1.2960 / 1.2980 the next stop. It should also be noted that confirming the breach of 1.2980 extends the pair’s gains, opening the way towards 1.3040, a 50.0% retracement. Activating the suggested bullish scenario requires stability above 1.2800.

S1: 1.2850	R1: 1.2935
S2: 1.2805	R2: 1.2980
S3: 1.2760	R3: 1.3025