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The Canadian dollar returned to the strong resistance located at 1.2670, which forced it to trade negatively again, heading to touch the first target of 1.2600, to record its lowest level at 1.2600 during the early trading of the current session.
Technically, with the clear negativity on the stochastic indicator, in addition to the negative pressure coming from the 50-day moving average.
Therefore, we will maintain our negative expectation, knowing that the price stability below 1.2600 increases the negative pressure on the pair, to target 1.2560/1.2550, a next station, extending its bearish targets to visit 1.2510.
The return of trading stability above 1.2660, the resistance level represented by the 61.80% Fibonacci correction, delays the chances of a decline but does not cancel them, and we may witness a retest of 1.2720, 50.0% correction, before retracing.
| S1: 1.2576 | R1: 1.2650 |
| S2: 1.2550 | R2: 1.2720 |
| S3: 1.2500 | R3: 1.2770 |
