Canadian Dollar Continues to be Negative

The Canadian dollar retreated significantly during last week’s trading, touching the target levels for the current bearish wave at 1.2785, recording its lowest level at 1.2772.

On the technical side, Stochastic is trading near oversold areas, and on the other hand, we find the RSI and the simple moving averages that support the daily bearish trend.

Although we tend to the downside, we believe that there is a possibility of a slight bullish slope targeting 1.2850 before reversing again.

Note: The expected bullish bias does not coincide with the daily bearish trend, whose initial targets start around 1.2700.

S1: 1.2745	R1: 1.2850
S2: 1.2785	R2: 1.2910
S3: 1.2725	R3: 1.2950