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The movements of the Canadian dollar witnessed several consecutive sessions of ascending to find the pair collided with the resistance level of the psychological barrier 1.3000, which pressures the current intraday movements to the downside.
From the technical analysis point of view today, and with a closer look at the 4-hour chart, we find that the signs of negativity started to dominate the stochastic indicator, to begin losing the bullish momentum, in addition to the noticeable decline of the bullish momentum.
The stability of trading below 1.3000 supports the possibility of a bearish trend during today’s session, targeting 1.2885, a first target. We must pay close attention to this level because breaking it increases and accelerates the strength of the daily bearish trend so that the path is open for the pair to visit 1.2850 and 1.2800.
The above and the rise again above 1.3000 will stop the expected bearish scenario, and the pair will recover with an initial target of 1.3035 and extend towards 1.3070.
Note: Today, we are waiting for Canadian retail sales and may witness high price volatility.
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