Canadian Dollar Maintains a Gradual Rise

Narrow range sideways trading tends to be positive, and the Canadian dollar maintains the bullish context within the awaited bullish correctional trend.

From a technical analysis, we find that the pair managed to build an intraday above the support level of 1.2580, accompanied by the positive stimulus of the 50-day moving average that continues to hold the price from below, coinciding with the attempts of Stochastic to get rid of the current negativity.

We maintain the same positive outlook targeting 1.2650/1.2660 a first target, and then 1.2680 a second target, bearing in mind that trading above the last is a catalyst that enhances the pair’s gains, so the way is directly open towards 1.2720.

In general, we continue to suggest the bullish trend as long as trading is stable above the support floor of 1.2500 / 1.2480.

S1: 1.2585	R1: 1.2650
S2: 1.2545	R2: 1.2680
S3: 1.2500	R3: 1.2720