CAD confirms the break 30/5/2022

The Canadian dollar declined significantly within the expected negative outlook during the last analysis, explaining that the confirmation of the pair breaking the 1.2770 support level leads the pair to achieve losses at our target of 1.2710, recording its lowest level at 1.2695 during the early trading of the current session.

Technically, and with careful consideration on the 4-hour chart, we find the pair confirmed the breach of the 1.2770 support-into-resistance, we also find the simple moving averages continuing the negative pressure on the price from above.

Therefore, the bearish scenario is the most preferred today, targeting 1.2665, the first target, knowing that the decline below the mentioned level increases and accelerates the strength of the daily bearish trend, so we are waiting for 1.2635 next stop as long as the price is stable below 1.2770.

Note: There may be random moves due to lower trading volumes

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1.2665	R1: 1.2760
S2: 1.2635	R2: 1.2820
S3: 1.2580	R3: 1.2860