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The Canadian dollar was able to breach the resistance level published during the previous analysis, located at the price of 1.2330, which you mentioned that its breach is a catalyst that enhances the chances of rising to complete the bullish correction with the aim of 1.2410, recording its highest level around 1.2404.
Technically, and with careful consideration of the 4-hour chart, we find the simple moving averages continue to hold the price from below, in addition to the price stability above the 1.2330 resistance level, 50.0% correction, and now turning it into a support level.
Therefore, the bullish bias remains likely today, knowing that the breach of 1.2410, the 61.80% correction, extends the pair’s gains, so that the way is directly open towards 1.2475 and 1.2510, the next official station.
From below, trading stability returns below 1.2330, and most importantly 1.2300 postpones the chances of rising, but does not cancel them, and we witness a retest of 1.2265 before rising again.
| S1: 1.2345 | R1: 1.2420 |
| S2: 1.2305 | R2: 1.2475 |
| S3: 1.2270 | R3: 1.2510 |
