Canadian Dollar: Maintains Bearish Path

The Canadian dollar maintains its negativity after it encountered a strong resistance level near the psychological barrier of 1.3100, to return to stability once again, intraday below 1.3085.

Technically, we tend to be negative depending on the regularity of the movement within the descending price channel, in addition to the negative pressure coming from the 50-day moving average.

Therefore, the bearish bias is likely today, targeting 1.3040 the first target, and then 1.3000 next official stops, whose targets may extend later towards 1.2965.

Only from the top, the return above 1.3120 negates the suggested bearish scenario. The pair recovers, with the aim of re-testing 1.3165.

S1: 1.3040	R1: 1.3120
S2: 1.3005	R2: 1.3160
S3: 1.2965	R3: 1.3200