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The Canadian dollar provided positive movements during the previous trading session, after it succeeded in establishing a solid support floor around the bottom of 1.2465, to return to the bullish rebound, attacking the resistance level of the psychological barrier 1.2700.
Technically, the pair managed to breach the upside and settle above the previously breached resistance-into-support at 1.2570, accompanied by the RSI receiving positive signs, settling above the 50 mid-line.
Therefore, there is a possibility of resuming the bullish retracement, knowing that the breach of 1.2710 increases the bullish bias’s strength and opens the door for 1.2780 initially. The pair may visit 1.2840 afterward.
In general, we suggest the short bullish trend as long as trading is stable above 1.2465.
Note: CFD trading involves risks; all scenarios may occur.
| S1: 1.2565 | R1: 1.2710 |
| S2: 1.2465 | R2: 1.2780 |
| S3: 1.2410 | R3: 1.2860 |
