Canadian Dollar: Gradually Losing Ground

The Canadian dollar made positive attempts targeting a retest of the pivotal resistance 1.3120, but was unable to breach it yet.

Technically, by looking at the 240-minute chart, we find that the stochastic has started to provide negative signals as a result of entering the overbought phase.

Consequently, we will maintain negative targeting a re-test of 1.3050 / 1.3060 as a first target, bearing in mind that breaking 1.3045 will facilitate the mission required to visit 1.3010.

From the top, by returning to trading above 1.3120, it postpones the bullish chance but does not negate it, and we may witness a slight bullish tendency with the first target of 1.3180.

Warning: There are important data on the Canadian calendar that may lead to price fluctuation.

S1: 1.3065	R1: 1.3120
S2: 1.3015	R2: 1.3170
S3: 1.2970	R3: 1.3205