Canadian Dollar Continues to be Negative

The Canadian dollar continues to decline within the expected direction, continuing its gradual decline to the downside, approaching the first leg at 1.2700.

on the technical side, and with the regularity of movements inside the bearish price channel on the 4-hour time frame, in addition to the continuation of the negative pressure coming from the simple moving averages.

This encourages us to maintain our negative expectations, targeting 1.2700 for the current bearish wave. Activating the bearish scenario requires stability below the resistance level at 1.2810, and surpassing it upwards delays the chances of a reversal, but does not cancel them, and we witness a re-test of 1.2850 and it extends to 1.2890 before retreating again.

S1: 1.2765	R1: 1.2850
S2: 1.2740	R2: 1.2910
S3: 1.2700	R3: 1.2950