Canadian Dollar Maintain Bullish Bias

The technical outlook is unchanged, and the Canadian dollar has not changed significantly, maintaining the bullish corrective bias.

From the technical analysis, we are continuing to suggest the bullish trend, relying on the stability of trading above 1.2540 the previously breached resistance in addition to the positive motive for the 50-day moving average that continues to hold the price from the top, coinciding with the clear positive crossover signals on the stochastic indicator.

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 1.2540 delays the bullish chances, but does not cancel it, and we 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