The Canadian is Waiting For a Further Decline

Negative trading dominated the movements of the Canadian dollar for several sessions in a row after it failed to settle above the 1.2500 resistance level, which forced the pair to settle below 1.2460.

Technically, with the pair’s failure to maintain trading above 1.2460 and the negative pressure of the 50-day moving average, in addition to the stability of the RSI below the 50 mid-line.

Therefore, the bearish bias is the most preferred today, knowing that the break of 1.2400 will extend the pair’s losses to make the way open to visit the first official leg of the current downside wave around 1.2365.

Skipping up and rising above 1.2460 will postpone the chances of a decline but not cancel them, and we may witness a retest of the 1.2500 psychological barrier resistance.

S1: 1.2400	R1: 1.2460
S2: 1.2365	R2: 1.2500
S3: 1.2320	R3: 1.2540