The Canadian Dollar Continues to Achieve Our Bearish Goals

The Canadian dollar succeeded in touching the awaited official station during the previous analysis within the expected bearish path. Therefore, we relied on the price stability below 1.2600, heading to visit the official target of 1.2530, recording the lowest price at 1.2532.

From the technical analysis point of view today, we are inclined to the negativity, with trading stabilizing below the psychological support level of 1.2600, which has now turned into a resistance level, in addition to the pair continuing to get negative pressure from the 50-day moving average.

Therefore, we target 1.2500/1.2495 as a next station, as long as the trading is stable below 1.2600, knowing that the return of the stability of trading above 1.2600 can push the pair to the bullish rebound with the aim of 1.2660, 61.80% correction.

Note: Canada employment data are due today

S1: 1.2520	R1: 1.2600
S2: 1.2495	R2: 1.2660
S3: 1.2455	R3: 1.2720