Canadian Dollar Starts a Bullish Rebound

The Canadian dollar found a solid support floor around the psychological barrier support level of 1.2400, to return to the bullish rebound, recording its highest price at 1.2527.

Technically speaking, and with a closer look at the chart, we find the pair managed in breaching the resistance level for the descending channel located at 1.2475, as we find the RSI indicator providing positive signals on short intervals.

Therefore, there may be more upside today targeting 1.2560, and then 1.2620 initial official stations. The bullish retracement scenario depends on trading days above 1.2450. Note: Stochastic is trying to get rid of the negative current.

S1: 1.2390	R1: 1.2560
S2: 1.2300	R2: 1.2625
S3: 1.2240	R3: 1.2720