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The Canadian dollar built on a solid support floor published during the previous analysis at 1.2565, explaining that the mentioned level can push the pair upwards, targeting 1.2700, to record the highest level during the morning trading session at 1.2715.
Technically, we tend to the upside, relying on the breaching of 1.2660, and the pair obtaining a positive signal from the RSI and its stability above the 50 and the return of the 50-day moving average that hold the price from below.
Therefore, we support a bullish bias in the coming hours, targeting 1.2765, considering that trading above the mentioned level is a motivating factor contributing to consolidating gains to visit 1.2820.
Trading again below 1.2610 postpones the chances of a rise but does not cancel it, and we may witness a retest of 1.2560 before rising again.
Note: CFD trading involves risks; all scenarios may occur.
| S1: 1.2610 | R1: 1.2765 |
| S2: 1.2510 | R2: 1.2820 |
| S3: 1.2460 | R3: 1.2920 |
