Canadian Dollar Maintains The Bearish Path

The technical outlook remains unchanged, and the pair’s movements have not changed little to keep the bearish path after finding a strong resistance level near 1.3065 / 1.3070.

Technically Speaking, and with a closer look at the 60-minute chart, we find there are limited positive attempts from the RSI, and on the other hand, we find the stochastic indicator is still providing negative crossover signals.

Consequently, the bearish tendency will remain intact, bearing in mind that trading below 1.2990 facilitates the task required to visit 1.2930, and breaking it confirms the strength of the daily bearish trend, and open doors towards 1.2865, an official target of the current downside wave.

From the top, surpassing the upside and stabilizing trading above the previously broken support-into-resistance 1.3065, delays the chances of a reversal, but does not cancel them, and we may witness limited positive attempts targeting a re-test of 1.3125 before resuming the decline again.

S1: 1.2990	R1: 1.3060
S2: 1.2955	R2: 1.3085
S3: 1.2910	R3: 1.3125