The Canadian Attacks The Resistance

The technical outlook is unchanged, and the pair’s movements did not change significantly, maintaining the bullish corrective context referred to during the previous analysis after it succeeded in building on the support floor of 1.2300, recording the highest price at 1.2414.

Technically, we notice the return of the 50-day moving average to hold the price from below, supporting the occurrence of more rise, which comes in conjunction with the RSI receiving bullish momentum signals on the short time frames.

We tend to have a bullish bias during today’s trading session, provided we confirm the breach of 1.2410 and stability above it. This is a motivating factor contributing to achieving gains targeting 1.2455 and 1.2480, 50.0% Fibonacci correction.

Only from below, the return of trading stability below 1.2330, and most importantly 1.2300, can thwart the current attempts to rise and lead the pair to resume the official descending path with a target of 1.2240.

S1: 1.2330	R1: 1.2455
S2: 1.2290	R2: 1.2480
S3: 1.2255	R3: 1.2580