The Canadian Gets Positive Signals

In a trading session in the red, the Canadian dollar declined in the minor bearish corrective path we mentioned yesterday, touching the required target of 1.2595, recording its lowest level at 1.2600.

From the technical analysis point of view today, the pair’s current moves are witnessing a rebound to the upside, benefiting from a base on the solid demand point 1.2600, accompanied by the RSI gaining more bullish momentum on the short time frames.

Therefore, we may witness a bullish bias in the coming hours, aiming to retest the previously broken support level, which is now converted to the 1.2730 resistance level, the 23.60% Fibonacci correction initially, and its breach will pave the way for the pair to visit 1.2770.

In general, the daily trend is bullish as long as trading is stable above the pivotal support area of 1.2595

S1: 1.2595	R1: 1.2730
S2: 1.2550	R2: 1.2810
S3: 1.2470	R3: 1.2850