Canadian Dollar Breaks Support And Negativity Persist

The Canadian dollar retreated after it failed to maintain above the support level of 1.3080, as the current moves witness a bearish bias around the 1.3000 barrier.

Technically, looking at the chart, we will tend to be negative depending on the regularity of the movement within the descending price channel shown on the chart, in conjunction with the continuous negative pressure coming from the simple moving averages.

From here, a bearish bias will be likely today, knowing that the confirmation of a break of 1.2980 is a negative sign to continue the decline towards the first target 1.2945 then 1.2890.

Only from the top, trading again above 1.3065 and the most important 1.3080 negates the suggested scenario and the pair recovers by re-testing 1.3125, then 1.3165.

S1: 1.2980	R1: 1.3065
S2: 1.2945	R2: 1.3125
S3: 1.2890	R3: 1.3165