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Negative trading is dominating the Canadian dollar after it failed to stabilize above the psychological barrier resistance of 1.3300, to gradually start drifting to the downside.
Technically, we find that the SMA 50 continues negative pressure on the price, and this coincides with the stability of the RSI indicator below the 50 midline.
We will maintain a negative outlook, provided that breaking 1.3220 is confirmed, and this will facilitate the mission required to visit 1.3190 and 1.3165, and losses may extend towards 1.3130.
Remaining below 1.3310 resistance is a prerequisite for the bearish scenario and surpassing this level to the upside, which delays the chances of a reversal, but does not negate them, and we may witness an upward intraday bias targeting 1.3365.
| S1: 1.3220 | R1: 1.3310 |
| S2: 1.3190 | R2: 1.3365 |
| S3: 1.3130 | R3: 1.3400 |
