Morning Report

The Dollar versus Loonie reversed to the downside from 1.0885, as expected yesterday, to currently trade within a minor ascending channel with a key support at 1.0785; waiting to be breached to open the way towards further declines. From here, we expect the pair is to decline on the intraday basis, targeting the breakout of the critical support at 1.0715 to target 1.0600 and 1.0300 respectively, as far as trading is below 1.0935.

The trading range for today is among the key support at 1.0565 and the key resistance at 1.1100

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 1.0785 to 1.0655 and stop loss above 1.0885 might be appropriate.