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The Canadian dollar hit the resistance level of the psychological barrier at 1.3000, explaining that it represents one of the most important directional keys for the current trading levels. However, the pair failed to breach it, forcing it to trade negatively and retest the 1.2930 support level.
On the technical side, today, there is a breach of the ascending channel line, as we find a clear decline in the momentum on the short time frames, in addition to the stability of trading below 1.3000.
Therefore, the possibility of a bearish bias in the coming hours is still valid and effective, provided it declines below the strong support floor 1.2930, which puts the price under negative pressure, with its initial target of 1.2870/1.2880.
Rising above 1.3000 resistance will invalidate the suggested bearish scenario, and the pair will begin to recover from visiting the first target of 1.3045 and then 1.3075.
Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.
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