Canadian Dollar is Struggling to Come Out of Negativity

The Canadian dollar opened the week in negative trading, after failing to hold above the support level of the ascending channel 1.3360/1.3350.

Technically speaking, by looking at a 4-hour chart, we find that Stochastic is defending the bearish bias as the pair begins to respond to the negative signals coming from the RSI.

We might see the downside trend, with an initial target of around 1.3250, then 1.3210, and it might extend to 1.3190.

The rise again above 1.3310 only; delays the chances of a reversal and gives the pair some momentum to target 1.3350, then 1.3380.

S1: 1.3255	R1: 1.3310
S2: 1.3190	R2: 1.3350
S3: 1.3165	R3: 1.3380