Canadian Dollar Continues to Achieve The Descending Targets

The Canadian dollar incurred noticeable losses within the expected downside path, touching the first official leg targeted during the last analysis, at a price of 1.2460, recording its lowest level at 1.2455.

Technically speaking, and with a closer look at the 4-hour interval, and with the continued negative pressure coming from the simple moving averages, in addition to confirming the breach of the support level of 1.2550, which is now turned into a resistance level.

Consequently, the bearish scenario will remain valid and effective targeting 1.2400 / 1.2385 official stations. Only from the top, the crossing to the upside and climbing back above 1.2550 gives the pair an opportunity to recover with an initial target of 1.2620.

S1: 1.2430	R1: 1.2550
S2: 1.2385	R2: 1.2620
S3: 1.2315	R3: 1.2670