Canadian Dollar Struggling in Positive Direction

The positivity dominated the Canadian dollar’s movements after it managed in building a strong base at 1.3240.

Technically, we find that the 50-day moving average is holding the price, with the RSI above its mid-line on short intervals.

We think that there is a possibility to continue the upside, and this will be confirmed by a clear breach of 1.3260 resistance level, which enhances the chances of the rally towards 1.3380 then 1.3420, and the gains may extend later towards 1.3460.

Activating the bullish scenario requires consolidation above 1.3240, and breaking the aforementioned level negates the bullish scenario, and we witness a re-test of 1.3170 / 1.3190.

S1: 1.3280	R1: 1.3380
S2: 1.3240	R2: 1.3420
S3: 1.3195	R3: 1.3465