Canadian Dollar Continues Bullish Corrective Trend

The Canadian dollar continues to navigate within the expected bullish correctional trend, touching our first target located at 1.2590.

Technically speaking, we tend to be positive, depending on the pair’s success in stabilizing an intraday above 1.2540, in addition to building an overall base above 1.2500, and we notice that the 50-day moving average continues to provide a positive incentive.

Therefore, we will maintain our positive outlook towards the second target 1.2610, and then 1.2630 next station, knowing that its breach increases and accelerates the strength of the bullish corrective tendency, so that we are waiting for 1.2670.

In general, we will continue favoring a bullish correction as long as trading is generally stable above 1.2500/1.2490.

S1: 1.2535	R1: 1.2610
S2: 1.2490	R2: 1.2635
S3: 1.2465	R3: 1.2680