The Canadian Based on Support And Bullish Bias is Likely

The Canadian dollar succeeded in retesting the target published in the previous analysis, touching the required target located at 1.2580 to record the lowest price at 1.2577.

Technically, and by looking at the 60-minute chart, we find that the RSI started sending positive signals, accompanied by the pair’s stability above the 1.2600/1.2590 support floor.

Therefore, we believe that the official bullish path can return, with the first target of 1.2660, 61.80% correction, and 1.2700/1.2720, 50.0% correction, respectively, knowing that breaching the latter is a catalyst that enhances the chances of resuming the rise towards 1.2740. On the other hand, the breach of the 1.2580 support level will nullify attempts to rise and lead the pair to a bearish path, targeting 1.2520.

S1: 1.2580	R1: 1.2660
S2: 1.2520	R2: 1.2700
S3: 1.2385	R3: 1.2740