CAD Gradually Losing Ground

The Canadian dollar was able to achieve the technique of retesting the resistance published during the previous analysis, which we made clear yesterday that we will increase the risk appetite to target 1.2775, recording the highest of 1.2790.

Technically speaking, signs of negativity began to appear on Stochastic again and it started gradually losing bullish momentum, accompanied by negative signs of RSI and stabilizing below the midline.

Despite the regularity of work inside the descending price channel, and although we tend to be negative, we prefer to confirm a break of 1.2700, and the most important one, 1.2685, as a clear sign of the continuation of the current descending wave, whose targets are at 1.2640 and later extend towards 1.2550.

Rising back above 1.2775 leads the pair to an upside path, targeting 1.2830.

S1: 1.2700	R1: 1.2775
S2: 1.2640	R2: 1.2830
S3: 1.2580	R3: 1.2870