Canadian Dollar Remains Unchanged

The technical outlook remains unchanged for the Canadian dollar and there has been little change in the pair to maintain the negativity for the third session in a row.

Technically, we see the pair stable around the support level of 1.3120, as we find the simple moving averages continuing negative pressure on prices, in addition to the features of a bearish technical pattern on the 4-hour technical timeframe that may force the pair to more decline.

Therefore, we will maintain our negative outlook, provided we see a clear strong break of the support level of 1.3100, targeting 1.3070, followed by 1.3020.

Warning: In the event that the pair succeeded in building on the aforementioned support and succeeded in surpassing the resistance level 1.3175, the bearish scenario will be negated, and the pair starts on an upward path with the initial target of 1.3230.