Trading for the Dollar versus Loonie pair remains below 1.0670 yesterday; adding more support for the decline on the short term, where we expect the pair is to target 1.0500 initially before heading towards 1.0000. Momentum indicators show the pair being oversold, which may result in mixed trading. However, as far as 1.0910 remains intact, the short term trend is to the downside.
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
|Recommendation||Based on the charts and explanations above, our opinion is selling the pair from 1.0670 to 1.0565 and stop loss above 1.0715 might be appropriate.|