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The Canadian dollar provided positive trading, maintaining the positive stability, as we mentioned during the previous analysis, touching the official target of 1.2620, recording its highest level at 1.2650.
Technically, the pair succeeded in establishing a good support floor around 1.2570, as we note that the 50-day moving average is still holding the price from below.
Therefore, the bullish bias is likely today, targeting 1.2650, taking into consideration that the confirmation of breaching the mentioned level increases the strength of the bullish bias so that the path is directly open towards 1.2700.
Breaking 1.2570 will postpone the bullish scenario but will not cancel it, and we will witness a retest of the pivotal support 1.2500 before rising again.
Note: Stochastic is trading negatively, which may put the price under intraday pressure.
| S1: 1.2570 | R1: 1.2650 |
| S2: 1.2500 | R2: 1.2700 |
| S3: 1.2470 | R3: 1.3735 |
