Canadian Dollar: Continue to Drop Down

The Canadian dollar was able to touch the target to be achieved and mentioned in the previous report, located at 1.2275, recording its lowest level at 1.2275.

Technically, and by looking at the 60-minute chart, we find the price is stable below the previously broken support-into-resistance level at 1.2330, accompanied by the continuation of the negative pressure coming from the simple moving averages.

Therefore, we hold onto our negative outlook, continuing towards 1.2230, and losses may extend to 1.2180. From the top, to move upwards and rise again above 1.2330, and most importantly 1.2375, is able to delay the continuation of the decline, and we may witness a bullish slope aimed at re-testing 1.2460.

S1: 1.2230	R1: 1.2375
S2: 1.2180	R2: 1.2465
S3: 1.2090	R3: 1.2510