Canadian Dollar Starts on Positive Side

Positive trading returned to dominate the Canadian dollar after several consecutive sessions of a strong decline within positive attempts to breach the resistance level at 1.3065.

Technically, the simple moving averages started holding the price from the bottom, accompanied by the RSI gaining bullish momentum over the short term.

Thus, we believe that there is a possibility of a bullish slope targeting 1.3100 the first target, and 1.3130 respectively. Activating the bullish scenario depends on trading remaining above the support floor of 1.3030, and trading below it leads the pair to the downside path again, opening the way towards 1.2950, and then 1.2910.

S1: 1.3030	R1: 1.3100
S2: 1.2980	R2: 1.3130
S3: 1.2950	R3: 1.3170