Canadian Dollar Slowly Moving Towards Goals

The Canadian dollar declined significantly within the bearish trend, as we expected, pointing out during the previous analysis that a break of 1.2680 will extend the pair’s losses, targeting 1.2620, a next official station, for the pair to record its lowest price at 1.2605.

Technically, the negative aspects are still dominating the stochastic, in addition to the pair’s continued negative pressure coming from the 50-day moving average.

From here, trading steadily below the previously broken support, which was converted to the resistance level of 1.2680, and the most important 1.2700, the bearish bias is likely today, targeting 1.2570 and then 1.2530.

Trading again above 1.2680, and the most important 1.2705 will delay the chances of the upside, and we may witness a slight bullish bias targeting 1.2775 / 1.2790.

S1: 1.2570	R1: 1.2705
S2: 1.2520	R2: 1.2790
S3: 1.2435	R3: 1.2835