The Canadian Touches Goal

The Canadian dollar provided a positive trading session, retesting the previously broken support-into-resistance, touching our required target of 1.2730, recording the highest level at 1.2723.

Technically, we tend to the positivity, relying on the pair’s pivot at the 1.2660 support level, accompanied by the positive motive for the 50-day moving average, which returned to hold the price below.

Therefore, confirmation of the breach of 1.2730 represented by the 23.60% Fibonacci retracement as shown on the chart is a motivating factor that strengthens the pair’s gains. Therefore, we will wait for 1.2775 1.2810, respectively.

The return of the daily trading stability below the strong support area 1.2660 invalidates the activation of the suggested scenario and puts the price under temporary negative pressure, targeting 1.2595 initially.

S1: 1.2670	R1: 1.2730
S2: 1.2630	R2: 1.2775
S3: 1.2595	R3: 1.2810