Canadian Dollar Maintains Bullish Direction

The technical outlook remains unchanged, and the pair’s movements have not changed significantly, maintaining the positive stability within the context of an upward correction.

Technically speaking, we find the price is stable above the previously breached resistance level, which has now converted to the support level of 1.2660, and we notice that the 50-day moving average started holding the price from the bottom in support of the continuation of the rise.

Therefore, this encourages us to maintain our positive outlook, noting that the breach of 1.2740 / 1.2750 facilitates the task required to visit 1.2770 and then 1.2800 respectively.

Trading below 1.2660 puts the price under negative pressure, targeting 1.2610 before attempting to rise again.

S1: 1.2665	R1: 1.2740
S2: 1.2630	R2: 1.2765
S3: 1.2590	R3: 1.2800