The Canadian dollar remains underwater after April’s negative growth.
Sentiment has turned in favor of the greenback once again as it climbs above 1.2400. This indicates buyers’ commitment to recouping all losses from previous sessions.
The bullish MA cross out of the short-lived consolidation may pull more trend followers to the rally. A break above 1.2480 would trigger an extended rally towards 1.2600.
The RSI has slipped back into the neutral area. The former resistance at 1.2330 is support in case of a limited pullback.
