Canadian Dollar Continues to Achieve Targets

The Canadian dollar was able to complete the bullish corrective bias seen to in the previous analysis, after it succeeded in establishing a solid support floor around 1.2500, in addition to the pair’s success in breaching 1.2550, heading for touching our awaited target of 1.2610, recording the highest of 1.2605.

Technically speaking, we are continuing to favor the bullish trend, relying on trading stability above 1.2550 previously breached resistance in addition to the positive motive for the 50-day moving average that continues to hold the price from the top.

We are targeting 1.2630, and the breach thereof is a catalyst that increases and accelerates the strength of the bullish corrective trend, so that the way is directly open towards 1.2660 and then 1.2710.

From below, the return of trading to stability below 1.2550 delays the bullish chances, but does not cancel it, and we may witness a re-test of 1.2480 before resuming the rise again.

S1: 1.2540	R1: 1.2630
S2: 1.2480	R2: 1.2660
S3: 1.2450	R3: 1.2710