Canadian Dollar: Touching The Target of The Bullish Corrective Slope

Positive trading dominated the movements of the Canadian dollar during the previous trading session, touching the target of the bullish corrective slope published during the previous analysis at 1.2170, to record its highest level at 1.2177.

Technically, and with careful consideration of the chart, we find that the pair succeeded in building the 1.2100 support level, accompanied by the pair getting positive signs from the RSI gaining more bullish momentum.

Therefore, we will maintain our positive outlook towards 1.2195, a second target for the bullish correction, knowing that confirming the breach of the target level is a catalyst that enhances the chances of a rise towards 1.2235.

Only from below, the return of stability below 1.2100 postpones the chances of a rise, but does not cancel them, and we may witness a slight bearish slope that aims to retest 1.2060 before rising again.

S1: 1.2100	R1: 1.2195
S2: 1.2040	R2: 1.2235
S3: 1.2000	R3: 1.2290