Canadian Dollar: The Negativity Still Persists

Negative trading continues to control the Canadian dollar’s ​​movements within the expected bearish path, touching the first target to be achieved yesterday at 1.2635 and approaching a few points difference from the second official target of 1.2600, recording the lowest price during the Asian session for the current session at 1.2608.

Technically speaking, supports the continuation of the bearish trend, in addition to trading stability below the previously breached support level, which turned into a resistance level at 1.2650 / 1.2660.

Therefore, we will maintain our negative outlook with the knowledge that breaking 1.2610 will facilitate the task required to visit 1.2590, and then 1.2555 for a next official stop.

Crossing over to the upside and rising again above 1.2670 will stop the bearish scenario and the pair will recover, targeting a re-test of 1.2730.

Note: Stochastic is trading around overbought areas.

S1: 1.2590	R1: 1.2670
S2: 1.2555	R2: 1.2730
S3: 1.2500	R3: 1.2760