Canadian Dollar: Trying to Hold on to Above Support

The support levels published during the previous analysis, located at 1.2500, were able to limit the bearish tendency that the Canadian dollar witnessed, to start the bullish rebound once again, stabilizing above 1.2550.

Technically speaking, and with a closer look at the chart at a 240-minute chart, we find that the RSI continues to defend the bullish corrective tendency, in addition to the positive crossover signals that began to appear on the stochastic indicator.

Therefore, we will maintain our positive outlook, targeting a re-test of 1.2610/1.2615, and its breach will support touching 1.2650 official stations.

Activation of the upside depends on the intraday trading stability above 1.2520 and the most important 1.2500, knowing that any trading and price stability below 1.2480 leads the pair to enter a strong bearish path, its initial target is 1.2435.

S1: 1.2520	R1: 1.2615
S2: 1.2480	R2: 1.2650
S3: 1.2435	R3: 1.2675