Canadian Dollar Little Changed

The technical outlook remains unchanged, with little change in the pair’s movements, maintaining negative bias.

Technically, we find that the pair is stable around the support level of 1.3120, with the simple moving averages continuing the negative pressure on prices with features of 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 strong breach of the support level of 1.3100, targeting 1.3070 then 1.3020.

Warning: In the event that the pair manages to build on the aforementioned support and manages to surpass the upside to the 1.3175 resistance level, this negates the bearish scenario and leads the pair towards a bullish path with an initial target of 1.3230.

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