Canadian Dollar Consolidate Above Support

The Canadian dollar continues to attempt to rise after it succeeded in maintaining the trading level above 1.2500 for several consecutive hours.

Technically, we tend to the positivity, but with caution, relying on stability above the 1.2500 psychological barrier support floor, accompanied by the RSI’s attempts to obtain bullish momentum.

Therefore, we are targeting 1.2600/1.2610, a first target, knowing that breaching the mentioned level is a catalyst that enhances the possibility of touching 1.2645 a second target.

To remind that activating the buying positions depends on the stability of daily trading above 1.2500/1.2490, and breaking it is capable of thwarting the attempts to rise and putting the price under negative pressure, with the target of 1.2410, 61.80% correction, before rising again.

S1: 1.2490	R1: 1.2600
S2: 1.2430	R2: 1.2645
S3: 1.2380	R3: 1.2700