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The Canadian dollar declined noticeably within the expected negative outlook last Friday, surpassing the official target station at 1.2500 to record the lowest level of 1.2450.
Technically, the intraday trading stability is below the previously broken support level, which is now turned to the 1.2500 resistance level, accompanied by the negative pressure of the 50-day moving average, which supports the negativity.
From here, we believe that the continuation of the decline is a possible scenario, provided that we confirm the break of 1.2450, and that extends the pair’s losses so that we will be waiting for 1.2380 and then 1.2350, respectively.
Rising above 1.2500 increases the possibility of witnessing a temporary ascending path whose initial target is 1.2535 and extends towards 1.2600.
| S1: 1.2420 | R1: 1.2535 |
| S2: 1.2380 | R2: 1.2605 |
| S3: 1.2310 | R3: 1.2645 |
