Canadian Dollar: Pressure on Support

Quiet trading, which tends to be negative, dominates the movements of the US dollar against the Canadian dollar, as the pair begins negative pressure on the support level of 1.2590.

Technically, with a closer look at the chart, there is negative pressure coming from the 50-day moving average and trading remaining below the previously broken support level of 1.2630, which is now a resistance level.

This increases the possibility of continuing the bearish bias with the first target of 1.2560, and then 1.2530 official stations. From the top, to move upwards and stabilize trading above 1.2630, the expected bearish scenario will be postponed, and the pair will recover again to visit 1.2680.

S1: 1.2565	R1: 1.2630
S2: 1.2630	R2: 1.2680
S3: 1.2590	R3: 1.2710