Analysis of the Canadian dollar pair

At the basic level

The Canadian dollar pair declined slightly during today's trading on Monday in light of the scarcity of economic data today, with a holiday for Canadian banks today, and the US dollar declined with the start of the week's trading on Monday, following Moody's decision to downgrade the sovereign credit rating of the United States by one degree, thus becoming the last major credit rating agencies to take this step.

At the technical level

The Canadian dollar pair is trying to break the symmetrical masked levels and close below the almost 4-hour candle near the levels of 1.3950.

Then we target the levels of 1.3910 as the initial target and then the levels of 1.3800 as the final target to complete the bat harmonic model.

This scenario fails if the 1.4000 levels break up, and then we are waiting for selling from higher levels near the levels of 1.4080 and then 1.4140.