Canadian Dollar: Continues to Rise

The technical outlook remains unchanged, and the pair’s movements have not changed significantly, maintaining the upward correctional trend. Technically, and with a closer look at the chart at a 240-minute, we find that the RSI continues to defend the bullish corrective tendency, in addition to the positive crossover signals that began to appear on the stochastic indicator.

Therefore, we will maintain our positive outlook, targeting a re-test of 1.2600/1.2605, and its breach will reinforce touching 1.2650 official stations that may extend later towards 1.2670.

Activation of the upside depends on the intraday stability above 1.2520 and the most important 1.2500, knowing that any trading and stability below 1.2480 will lead the pair to enter a strong bearish path, its initial target is 1.2435.

S1: 1.2525	R1: 1.2605
S2: 1.2480	R2: 1.2640
S3: 1.2435	R3: 1.2670