Canadian Dollar Maintains The Negative Outlook

The Canadian dollar managed to achieve the negative outlook that we mentioned in the previous analysis, touching the first target during the previous session at 1.3355, recording its lowest price at 1.3242.

Technically, and looking at the 4-hour chart, we find that the 50-day moving average is forming pressure on the price around 1.3360.

This encourages to maintain the negative outlook towards the second target mentioned in the previous report at 1.3220 / 1.3230.

The price should also be monitored at this level as breaking it confirms the strength of the daily downside trend, so we will be waiting for 1.3190 to 1.3165, this scenario is effective provided the price remains below 1.3260.

S1: 1.3230	R1: 1.3300
S2: 1.3190	R2: 1.3335
S3: 1.3165	R3: 1.3365