Canadian Dollar Little Changed Trading Sideways

The technical outlook remains unchanged and pair remains little changed in negative territory. Technically, we find that the pair is stable around the support level of 1.3120, with the simple moving averages continuing their negative pressure on prices, in addition to some features of a bearish technical pattern on the 4-hour timeframe that may push the pair towards further decline.

We will maintain our negative outlook, but on condition that we witness a strong breach of the support level of 1.3100, targeting 1.3070 then 1.3020.

Warning: If the pair succeeds in building on the aforementioned support and succeeds in surpassing the resistance level 1.3175, this negates the bearish scenario and pushes the pair to rise to 1.3230, an initial target.

S1: 1.3100	R1: 1.3175
S2: 1.3070	R2: 1.3230
S3: 1.3020	R3: 1.3260