Canadian Dollar: Continues The Bullish Trend

A noticeable bullish push for the Canadian dollar achieved strong gains within the bullish corrective slope, as we expected during the previous analysis, touching the required official target of 1.2465, recording the highest price at 1.3481.

Technically, the bullish trend is still a valid scenario, with the pair’s success in confirming the breach of the psychological barrier’s resistance, which is now turned to the 1.2400 support level, the 61.80% Fibonacci correction accompanied by the continuation of the positive motive coming from the simple moving averages.

Therefore, 1.2510/1.2520 is the first awaited target, and the gains are extended to visit 1.2570. Activating the bullish scenario requires the price to remain above 1.2400.

S1: 1.2375	R1: 1.2520
S2: 1.2285	R2: 1.2570
S3: 1.2230	R3: 1.2660