The Canadian May Witness a Slight Upward Correction

The Canadian dollar benefited from the 1.2330 support level, which formed a good floor that helped the pair rebound to the upside to retest the 1.2410 resistance level within a positive slope that is still limited.

Technically, we notice the return of the 50-day moving average still holding the price, supporting the view of more rise, which comes in conjunction with the RSI obtaining bullish momentum signals on the short time frames.

We tend to have a bullish bias during today’s trading session, as long as we confirm the breach of 1.2410. This is a catalyst that contributes to achieving gains targeting 1.2455 and 1.2475, 50.0% Fibonacci correction.

Only from below, the return of stability below 1.2330, and most importantly 1.2300, can thwart the current attempts to rise and lead the pair to resume the official descending path, with a target of 1.2240.

S1: 1.2330	R1: 1.2415
S2: 1.2290	R2: 1.2455
S3: 1.2255	R3: 1.2490