Canadian Dollar Tends Toward The Negative

We stood neutral in the previous analysis due to the contradictory technical signals. The pair started the first weekly trading with a bearish bias.

From a technical point of view, looking at the 4-hour chart, we find a bearish technical structure that supports the continuation of the decline, with the RSI stable below the midline of 50 on short intervals.

We think that there is a possibility of a bearish bias during today’s session, with an initial target of 1.3160, then 1.3130. The price behavior should be monitored around the aforementioned level, because breaking it extends losses towards 1.3090.

From the top, the return of stability above 1.3230 is capable of negating the bearish scenario and leading the pair to a new bullish path, with an initial target of 1.3270.

S1: 1.3160	R1: 1.3230
S2: 1.3130	R2: 1.3270
S3: 1.3090	R3: 1.3305