The Canadian Dollar Touches Targets

The Canadian dollar managed to touch the second official target of the bullish corrective slope published during the last analysis, at 1.2720, recording its highest level during the early trading of today’s session 1.2716.

Technically and by looking at the 4-hour chart, we notice that the simple moving averages continue to support the ascending curve in prices, in addition to the pair’s success in stabilizing above the 1.2595 resistance level, the 38.20% correction, which is now turned into a support level.

Therefore, the bullish scenario will be valid, knowing that the confirmation of breaching 1.2720 increases the strength of the bullish bias today, targeting 1.2770 and 1.3830, respectively.

In general, we suggest the overall bullish trend as long as trading is stable above 1.2595. Note: Stochastic is trying to get rid of the current negativity.

S1: 1.2650	R1: 1.2730
S2: 1.2595	R2: 1.2770
S3: 1.2530	R3: 1.2830