The dollar versus loonie pair appears to have found the loop to breaching the main resistance level for the descending channel, as we notice on the upper chart. Nearing the resistance level for the channel, with clear overbought signs on Stochastic, are signs that are expected to take the pair towards achieving some minor intraday decline, to retest the broken resistance level at 1.0960 to then consolidate on this level supporting the intraday upside move; where its first target is at 1.1110. Continuing trading within the new ascending channel requires 1.0865 to remain intact.
The trading range for today is among the key support at 1.0625 and the key resistance at 1.1320.
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0300.
|Recommendation||Based on the charts and explanations above our opinion is buying the pair from 1.0960 To 1.1110 and stop loss below 1.0865, might be appropriate.|