Morning Report

The Dollar versus Loonie pair was able to reach our suggested target at 1.0825; to maintain trading around this level. As we see in the image above; trading below 1.0915 will confirm the downside direction to return within the key descending channel on the medium term. The stochastic indicator may result in a slight upside correction to gather enough bearish momentum before reversing back to the downside to initially target 1.0715, before extending towards 1.0300. 1.0915 remaining intact is vital for the decline to occur.

The trading range for toady 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

RecommendationBased on the charts and explanations above, our opinion is selling the pair from 1.0915 to 1.0715 and stop loss above 1.1000 might be appropriate.