Canadian Dollar Continues to Crawl Negative

The Canadian dollar continues to crawl negatively to the downside within the expected bearish path, touching the first target required at 1.3190, to record its lowest level during early trading in the Asian session at 1.3180?

Technically, the pair needs to confirm the breach of the support-turned-resistance 1.3240, in addition to the RSI gaining bearish momentum on short time frames. We maintain our negative view towards the target of 1.3155 / 1.3160 ​​then 1.3110, bearing in mind that breaking 1.3110 will accelerate and confirm the downside, so we will be waiting for 1.3070.

Activating the scenario needs stability below 1.3240, and breaking this level will postpone the chances of a reversal, and we may witness a bullish bias path with initial target of which is to re-test 1.3300.

S1: 1.3155	R1: 1.3240
S2: 1.3110	R2: 1.3295
S3: 1.3070	R3: 1.3330