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The technical outlook is unchanged; the Canadian dollar maintained positive stability after stabilizing above the 1.2660 support level.
Technically, we tend to the positivity, relying on the pair’s building on the 1.2660 support level, which is accompanied by the positive motive for the 50-day moving average, which returned to hold the price.
Therefore, as shown on the chart, we need to confirm the breach of the strong resistance 1.2730 represented by the 23.60% Fibonacci correction, a catalyst that contributes to strengthening the pair’s gains. Therefore, we will wait for 1.2775 and 1.2810, respectively.
Trading stability below the vital support area 1.2660 cancels the activation of the suggested scenario and puts the price under temporary negative pressure, targeting 1.2595 initially.
| S1: 1.2670 | R1: 1.2730 |
| S2: 1.2630 | R2: 1.2775 |
| S3: 1.2595 | R3: 1.2810 |
