Canadian Dollar: Faces Negative Pressure

The Canadian dollar reversed the suggested upward correction during the previous analysis, after it hit the first goal of 1.2750, recording a high of 1.2763.

Technically speaking, with the pair’s failure to breach the resistance level at 1.2750, in addition to the intraday stability below 1.2710 accompanied by the loss of the RSI indicator, the bullish momentum.

Therefore, the bearish bias may be likely today, targeting 1.2640 / 1.2635 as a first target, and breaking it will extend the pair’s losses to visit 1.2600 next stop.

From the top, crossing to the upside and stabilizing above 1.2700 delays chances of a reversal, and we may witness a re-test of 1.2750.

S1: 1.2640	R1: 1.2735
S2: 1.2635	R2: 1.2795
S3: 1.2540	R3: 1.2830