CAD looking for trend 26/5/2022

The Canadian dollar managed to achieve some modest gains during the previous trading session and is still hovering around the retest target required to be achieved around 1.2840.

Technically, we tend to the negativity, but with caution, relying on the clear negative signs on the stochastic indicator, which started losing the bullish momentum gradually, coinciding with the negative pressure of the 50-day moving average.

With stable intraday trading below 1.2850, the bearish bias is most likely, with the first target of 1.2800, knowing that breaking the latter is a sign of continuing the decline towards 1.2755.

Rising above 1.2850 increases the possibility of touching 1.2885/1.2880, and gains may extend later towards 1.2930.

S1: 1.2800	R1: 1.2880
S2: 1.2755	R2: 1.2930
S3: 1.2710	R3: 1.2965