The Canadian Dollar Settles Below Support

The Canadian dollar made positive attempts during the previous trading session, approaching the retest target at 1.2660, to post a high of 1.2648.

Technically, the pair’s trading returned to stability below the psychological support level of 1.2600, with the continuation of the negative pressure coming from the 50-day moving average.

This increases the possibility that we will witness a bearish trend again, targeting 1.2560, and it may extend towards 1.2530 later. Careful attention should be paid to stability above 1.2630, this may increase the possibility of the pair recovering, with the target of 1.2660, 61.80% Fibonacci correction.

Note: The risk level appears to be high.

S1: 1.2560	R1: 1.2660
S2: 1.2510	R2: 1.2720
S3: 1.2470	R3: 1.2770