Canadian Dollar: Pressure on Support

The Canadian dollar continues to pressure the strong support level at 1.2990 within the continuation of the bearish path for the third consecutive session.

Technically, with a closer look at the 4-hour interval chart, we notice the continuation of the negative pressure coming from the 50-day moving average, in addition to the intraday trading remaining below the resistance level 1.3030.

From here, we believe that the possibility of resuming the decline remains, provided that 1.2985 is confirmed, and that extends the pair’s losses, so that the way is open directly towards 1.2930 and extends to 1.2875, a next target.

From the top, the stability of trading once again above 1.3065 postpones the chances of a reversal, but not cancel them.

S1: 1.2965	R1: 1.3065
S2: 1.2930	R2: 1.3120
S3: 1.2870	R3: 1.3165