The Canadian Dollar is Facing Negative Pressure

Mixed trading dominates the movements of the Canadian dollar within a bearish path to witness the current intraday stability below the support level 1.2370/1.2365.

Technically, trading is stable below 1.2370, the 23.60% Fibonacci correction that supports a bearish bias in the coming hours, in addition to the RSI losing the bullish momentum.

Therefore, the bearish bias is the most preferred today, knowing that trading below 1.2350 facilitates the task required to visit 1.2300, and the price must be carefully monitored around the mentioned level because breaking it increases the strength of the bearish trend to pave the way to 1.2260 and 1.2240 respectively.

The stability of trading above 1.2380 is a catalyst the increases the probability of touching 1.2410 & 1.2740, 50.0% Fibonacci correction.

S1: 1.2350	R1: 1.2380
S2: 1.2300	R2: 1.2410
S3: 1.2260	R3: 1.2445