Canadian Dollar: Continues to Rise Within The Bullish Correction

The Canadian dollar succeeded in completing the bullish correction journey, as we expected during all the reports this week, to reach its highest level at 1.2380.

Technically, we find the pair succeeded in establishing a good support floor around 1.2300, accompanied by the positive motive for the 50-day moving average, which continues to hold the price from below. This encourages us to maintain our positive outlook, targeting 1.2420 first target, then 1.2460 next station, taking into consideration that confirmation of the last breach is a catalyst that extends the pair’s gains so that the path is directly open towards 1.2530.

Only from below, trading stability below 1.2300 is leading the pair to a bearish intraday track, with the aim of retesting 1.2200 before attempts to rise again.

S1: 1.2300	R1: 1.2420
S2: 1.2225	R2: 1.2460
S3: 1.2180	R3: 1.2535