CAD: Constant negative pressure 28/6/2022

Canadian Dollar witnessed Noticeable declines during the previous trading session within the expected bearish technical outlook, surpassing the first bearish target required to be touched at 1.2920, heading to visit the second target of 1.2885, recording its lowest level yesterday at 1.2855.

Technically, we tend to the negativity, relying on the negative pressure coming from the simple moving averages, the decline of the bullish momentum, and the bearish technical structure shown on the chart.

Therefore, the bearish scenario may remain intact, targeting 1.2840, considering that trading below the mentioned level facilitates the task required to visit 1.2800 and 1.2760, respectively, as long as the price is stable below 1.2900 and, most importantly 1.2930.

Rising above 1.2930 will postpone the decline mentioned above and lead the pair to recover temporarily to retest 1.2970 and 1.3000 before descending again.

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: 1.2840	R1: 1.2900
S2: 1.2800	R2: 1.2935
S3: 1.2760	R3: 1.2970