Canadian Dollar: Tends to be Negative

The Canadian dollar failed to confirm the breach of the resistance level of 1.3120, and the current moves are witnessing stability below the aforementioned level, stabilizing around its lowest level during the early trading at 1.3160.

From the angle of technical analysis today, with the stochastic gradually losing the bullish momentum, in addition to the intraday stability below the resistance level of 1.3100, and the most important 1.3120.

Therefore, we may witness a bearish tendency during the coming hours, knowing that a break of 1.3030 will extend the losses, so that we will be waiting for the first official leg of 1.3000, and then 1.2965.

Rising above 1.3120 will immediately stop the suggested bearish scenario, and the pair will recover with initial targets starting at 1.3165 and extending to 1.3190.

S1: 1.3035	R1: 1.3120
S2: 1.3000	R2: 1.3160
S3: 1.2965	R3: 1.3200