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The Canadian dollar failed to maintain the level that was recorded at the price of 1.2260, and as we mentioned in the previous analysis that any attempts to break the aforementioned bottom lead the pair to resume the official bearish path with an initial goal of 1.2200 so that the pair surpasses the target level and records its lowest price of 1.2140.
Technically, with a break of 1.2240, which has now been converted into a resistance level according to the concept of role-swapping, in addition to the negative pressure from the simple moving averages.
This increases the probability of continuing the decline to visit 1.2100, and then 1.2060. Only from the bottom if the pair resumes rising to 1.2240 and most importantly 1.2260, therefore, we may witness a bullish corrective tendency targeting a retest of 1.2320 and 1.2370 respectively.
| S1: 1.2100 | R1: 1.2240 |
| S2: 1.2055 | R2: 1.2320 |
| S3: 1.1970 | R3: 1.2370 |
