Canadian Dollar Breaks Support

Negative trading continues to control the Canadian dollar’s ​​movements, after several consecutive sessions in which we await confirmation of a break of 1.2920, showing that this leads the pair to resume the downside path with targets of 1.2870, then 1.2830, to record its lowest level at 1.2847.

Technically, and with the pair’s success in breaking 1.2920, it has now turned into a resistance level, in addition to the RSI’s defence of the downside.

Consequently, the bearish scenario will remain valid towards 1.2820, and then 1.2785. From the top, a rebound above 1.2910 delays chances for a reversal, and we may witness a direct re-test of 1.2960 then 1.3010.

S1: 1.2820	R1: 1.2910
S2: 1.2785	R2: 1.2970
S3: 1.2725	R3: 1.3005