Morning Report

The 50% correction at 1.0885 halted further inclines for the Dollar versus Loonie pair, as we stated yesterday, resulting in a decline towards the pivot level at 1.0715. We still believe that trend is to the downside on the intraday basis targeting the breach of 1.0715 with a daily closing below it, to open the way towards 1.0300 and 1.0000 respectively. The decline is valid as far as 1.0925 is intact.

The trading range for today is among the key support at 1.0565 and the key resistance at 1.1000

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 with the breach of 1.0715 to 1.0600 and stop loss above 1.0785 might be appropriate.