Canadian Dollar Continue to Rise

The Canadian dollar’s ​​efforts continue to maintain the bullish trend within a gradual rise to the downside, approaching our first target required to be achieved during the previous analysis, 1.2680, recording the highest of 1.2675.

Technically speaking, we find that the pair maintains stability above the 50-day moving average that continues to hold the price from below, in addition to trading stability above the support floor of 1.2600.

Thus, we will maintain our positive outlook as they are targeting 1.2680/1.2685 as a first target, and a breach of it will extend the pair’s gains, opening the way to a visit of 1.2720, and the gains may extend later towards 1.2750.

Confirmation of a break of 1.2600 puts the price under strong negative pressure, its initial target is 1.2550.

Note: the negative features are still dominating the stochastic.

S1: 1.2600	R1: 1.2685
S2: 1.2560	R2: 1.2720
S3: 1.2525	R3: 1.2770