Canadian Dollar Touches The Target of Bullish Correction

Positive trading dominated the Canadian dollar within the bullish technical correction, as we mentioned during the previous analysis, touching the aforementioned first correction target of 1.2830, recording its highest level during early trading for the current session 1.2836.

Technically speaking, and with the pair’s success in stabilizing, intraday, above the strong resistance level of 1.2775, accompanied by the positive stimulus of the 50-day moving average.

This encourages us to keep our positive outlook towards 1.2880, a second target for the current correction wave and may extend later to 1.2930. Activating the expected bullish scenario requires the price to remain above 1.3720.

S1: 1.3735	R1: 1.2880
S2: 1.2635	R2: 1.2935
S3: 1.2580	R3: 1.3035