Canadian Dollar Hovering Around Support

The pair continues to be negative for the third session in a row, after failing to stay above the psychological barrier of 1.3200.

Technically, we see that the pair is stable around the support level of 1.3120, as we find the simple moving averages continue their negative pressure on prices in addition to a bearish technical pattern on the 4-hour time frame that may push the pair towards further decline.

We maintain our negative outlook, but on condition that we witness a clear breach of the support level of 1.3100, targeting 1.3070, then 1.3020.

Note: If the pair succeeded in building on the aforementioned support and surpassing the upside to the 1.3175 resistance level, this may negate the bearish scenario and lead the pair towards a bullish path that starts its initial target at 1.3230.

S1: 1.3100	R1: 1.3175
S2: 1.3070	R2: 1.3230
S3: 1.3020	R3: 1.3260