The Canadian Touches the Extended Goal

The Canadian dollar jumped, achieving the bullish scenario as we expected. We relied on trading stability above the solid support floor 1.2600, heading towards touching 1.2720, recording the highest price at 1.2762.

Technically, by looking at the 4-hour chart, we find the simple moving averages continue to hold the price from, which is comes in conjunction with the clear positive signs on the RSI and its stability above the 50 mid-line.

Therefore, the bullish scenario will remain valid and effective, knowing that the breach of 1.2775, 38.20% correction, is a catalyst that contributes to consolidating the rise towards 1.2840.

Trading above the support level of 1.2640 and, most importantly, 1.2600 are basic conditions to continue the daily bullish bias.

S1: 1.2640	R1: 1.2780
S2: 1.2570	R2: 1.2840
S3: 1.2505	R3: 1.2920