The Canadian Dollar Continues to Retreat 13/1/2022

Negative trading dominated the movements of the Canadian dollar as we expected to touch the required target for the bearish technical structure mentioned in the previous analysis at 1.2500, recording its lowest price during the early trading of the current session 1.2495.

Technically, The negative pressure of the 50-day moving average supports the possibility of decline, in addition to the stability of the RSI below the mid-line 50.

Therefore, there is a possibility of completing the bearish trend to be the next price point 1.2465. If the pair fails to maintain trading above this level from here, the official target of the bearish pattern is located around the buying concentration area 1.2380.

Activating the suggested scenario depends on the stability of daily trading below 1.2550, and most importantly, 1.2610.

Note: CFD trading involves risks; all scenarios may occur.

S1: 1.2465	R1: 1.2550
S2: 1.2435	R2: 1.2610
S3: 1.2380	R3: 1.2640