The Canadian Presses For Support 10/1/2022

We adhered to intraday neutrality during the previous analysis due to the conflicting technical signals, clarifying that the bearish trend depends on confirming the break of 1.2700 to target 1.2630. As a result, the pair recorded its lowest price at 1.2630.

Technically, the bearish technical structure shown on the 240-minute chart, increasing the possibility of resuming the decline, in addition to the pair’s failure to maintain trading above the 1.2710 level.

Therefore, there is a possibility of more negative moves, provided that 1.2630 is confirmed, targeting 1.2600 and 1.2570, respectively, and losses may extend later to visit 1.2510.

Rising again above the previously broken support-into-resistance level at 1.2710 negates the bearish scenario, and we may witness a bullish bias that aims to retest 1.2770.

Note: CFD trading involves risks; all scenarios may occur.

S1: 1.2600	R1: 1.2710
S2: 1.2570	R2: 1.2770
S3: 1.2510	R3: 1.2885