Canadian Dollar Finds Decent Support

The Canadian dollar succeeded in establishing a solid support floor around the support level published during the previous analysis at 1.2610, to return to stability above the resistance level of 1.2670.

Technically speaking, and with a look at the chart, we find the 50-day moving average that supports the bullish curve in prices, accompanied by the positive signs coming from the RSI.

From here, and steadily trading above the breached resistance level of 1.2660, the bullish bias may be likely today, targeting a re-test of 1.2740 as the first target, and the breach thereof is a catalyst that enhances the chances of the upside towards 1.2780, and gains may extend later towards 1.2820.

Activating the bullish scenario depends on trading remaining above 1.2610.

S1: 1.2630	R1: 1.2740
S2: 1.2575	R2: 1.2780
S3: 1.2525	R3: 1.2845