Canadian Dollar (CAD) Technical Major Currencies (2011-01-14) Trading Idea

Morning Report

The pair continues trading in a relative narrow range with some current lean to the upside in an attempt to retest the previously breached support level around 0.9920, supporting this upside positive slant from momentum indicators that are appearing through the four hour chart. In overall, stabilizing below 1.0000 along with negative pressure offered by the MA 50 and regularly trading within the current key descending channel, which are all factors that support maintaining expectations of a bearish intraday trend; initial targets are around 0.9700 reminding us the importance of stability below 1.0000 to insure our targets.

The trading range for today is among the key support at 0.9700 and the key resistance at 1.0000.

The short term trend is to the upside as far as 1.0665 remains intact with targets at 0.9000.

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