Canadian Dollar Faces Negative Pressure

The Canadian dollar is witnessing a slight bearish bias, which is normal after several consecutive sessions of rally, in addition to facing resistance 1.3175 / 1.3170.

Technically, we tend to be negative, given the consolidation of trading below the aforementioned level, in addition to some negativity that began to appear on Stochastic.

Therefore, the bearish bias will be likely today, targeting a re-test of 1.3075 then 1.3055, noting that breaking the last forces the pair to touch 1.3020.

As a reminder, activating the suggested scenario requires stability below 1.3180, and the most importantly 1.3200, and breaking it is able to negate the decline and push the pair to rise with an initial target of 1.3275.

S1: 1.3080	R1: 1.3150
S2: 1.3055	R2: 1.3200
S3: 1.3010	R3: 1.3230