Morning Report

The Dollar versus Loonie pair was able to breach the minor support at 1.0785 to decline towards 1.0715. We are currently monitoring this level where a confirmed breach will support the short term downtrend towards 1.0000 and therefore we expect the pair is to decline today to breach the above mentioned support to initially target 1.0600 and 1.0400 respectively as far as 1.0935 remains intact.

The trading range for today is among the key support at 1.0425 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 1.0715 to 1.0565 and stop loss above 1.0830 might be appropriate.