The Canadian Dollar Maintains Positive Stability

The technical outlook is unchanged, and the pair’s movements did not change significantly, maintaining the positive stability above the support level published in the previous analysis at 1.2580.

Technically speaking, 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 expect the possibility of a return to the rise towards 1.2660 as a first target, Fibonacci 61.80% and 1.2700/1.2720, 50.0%, respectively, knowing that breaching the latter is a catalyst that enhances the chances of rising towards 1.2770. On the other hand, the breach of the 1.2580 support level will negate the activating attempts to rise and lead the pair to a descending path, with its target 1.2520.

S1: 1.2580	R1: 1.2660
S2: 1.2520	R2: 1.2720
S3: 1.2385	R3: 1.2770