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The Canadian dollar managed to achieve the bearish path published during the technical report yesterday, heading towards touching the first target of the previously mentioned bearish technical structure 1.2570, recording its lowest price during the early trading of the current session 1.2545.
Technically, and with the continuation of the negative impact of the bearish head and shoulders technical pattern as shown on the chart, in addition to the negative pressure of the simple moving averages.
The bearish tendency is more likely, towards the second official target of 1.2500, considering that breaking it will extend the pair’s losses, paving the way for a visit to 1.2460.
Rising again above 1.2635 postpones the chances of a decline but does not cancel it, and we may witness a retest of the previously broken support 1.2700.
Note: CFD trading involves risks; all scenarios may occur.
| S1: 1.2500 | R1: 1.2635 |
| S2: 1.2460 | R2: 1.2725 |
| S3: 1.2370 | R3: 1.2770 |
