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Negative trading dominated the Canadian dollar against its US counterpart, as part of the technique of retesting the support, as we expected, touching the required target of 1.2500.
Technically speaking, trading remains below the previously breached support level of 1.2560, supporting the negativity. This comes in conjunction with the negative pressure coming from the simple moving averages.
Despite the technical factors that support the downside, we prefer to confirm the breach of the pivotal support 1.2500, the most important one at 1.2485, which increases and accelerates the strength of the bearish bias, so that the way is open directly towards 1.2455, and then 1.2410 a next official stop.
From the top, the return of trading to stability above 1.2565 will stop the bearish bias and lead the pair to continue the corrective upward path with the aim of retesting 1.2610, and then 1.2640.
| S1: 1.2485 | R1: 1.2565 |
| S2: 1.2455 | R2: 1.2610 |
| S3: 1.2410 | R3: 1.2640 |
