Morning Report

The Dollar versus Loonie pair declined yesterday to reach the previously breached neckline at 1.0850, where we expect it to rebound to the upside supported by the stochastic indicator entering an oversold area, which makes us hold our outlook to the upside on the short term targeting 1.1080 as far as 1.0790 remains intact on the daily charts.

The trading range for today is among the key support at 1.0645 and the key resistance at 1.1220

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 buying the pair from 1.0850 to 1.0970 and stop loss below 1.0790 might be appropriate.