The Canadian Continues to Negative

The Canadian dollar maintains the bearish path as expected, touching our awaited target during the previous trading session at 1.2365, recording its lowest level at 1.2350.

Technically, with the stability of trading below the previously broken support-into-resistance at 1.2420, in addition to the continuation of the negative pressure coming from the simple moving averages.

This encourages us to maintain our negative expectations, with the first target of 1.2310. We will be happy with this target only, given the importance of the mentioned level for the general trend in the short term. Bearing in mind that the breach above 1.2420 delays the chances of a decline but does not cancel them, and we may witness a retest of 1.2485 before retracing.

Note: Stochastic is trading around oversold areas.

S1: 1.2310	R1: 1.2420
S2: 1.2285	R2: 1.2485
S3: 1.2220	R3: 1.2530