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Does Magical Knack only work when it can apply the full +2 bonus or does it go to +1?
Under a strict reading of RAW it's all or nothing, but I would be quite surprised to see any GM run it that way, except maybe in PFS.
This should probably be "+2 caster level up to your current hit dice". This is how most GMs will rule it.
But, by absolute strict RAW, if you can't take the full +2 you can't take any.