Canadian Dollar: Negative Scenario Still Intact

The Canadian dollar managed to achieve the negative outlook, as we expected, touching the first target to be achieved mentioned in the previous analysis, at 1.3075, posting a low of 1.3065.

Technically, we tend to be negative, relying on the stability of trading below 1.3120 in addition to the clear negative signals on Stochastic and gradually gaining bearish momentum. Therefore, the bearish scenario will remain intact, targeting 1.3045 a first target, and then 1.3110 a next official stop that may extend later to 1.2970.

A reminder that surpassing the upside to 1.3120 resistance delays the chances of a reversal, and we may witness a slight bullish tendency targeting a re-test of 1.3170.

S1: 1.3045	R1: 1.3120
S2: 1.3010	R2: 1.3170
S3: 1.2970	R3: 1.3205