CAD Facing Downward Pressure

The Canadian dollar intraday movements witnessed a modest bearish bias after several consecutive sessions of ascending within the bullish correction, which touched 1.2410.

Technically, the current trading is stable intraday below the resistance level of 1.2330/1.2340, 50.0% Fibonacci level, with the simple moving averages pressuring the price from above.

Therefore, it might witness a bearish bias in the coming hours, aiming to retest the 1.2300 level, followed by 1.2260, before attempts to rise again.

Moving upwards and price stabilizing above 1.2360 is an impetus that enhances the possibility of retesting 1.2410, 61.80% correction.

S1: 1.2300	R1: 1.2360
S2: 1.2265	R2: 1.2410
S3: 1.2220	R3: 1.2445