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Narrow sideways movements that tend to be negative dominate the Canadian dollar for the second session in a row. The pair’s movements are above the pivotal support floor 1.2665 and below the strong resistance level 1.2720.
Technically, the simple moving averages continue to form a negative obstacle on the pair from above, in addition to stabilizing trading below the strong resistance level located around 1.2730, the 23.60% Fibonacci retracement as shown on the graph.
On the other hand, we notice that the pair is still consolidating above the pivotal support floor 1.2665, which may lead to a bullish rebound once again.
We will monitor the price behavior of the pair during today’s session, noting that the decline below 1.2665 constitutes a negative pressure factor that may lead the Canadian dollar to visit the 1.2595/1.2600 areas, 28.30% correction, while surpassing the upside to the 1.2730 resistance level, 23.60% correction, a catalyst that may lead the pair to restore its ascending path towards 1.2810 and 1. 2860.
| S1: 1.2665 | R1: 1.2750 |
| S2: 1.2595 | R2: 1.2810 |
| S3: 1.2540 | R3: 1.2860 |
