The Dollar versus Loonie pair ended trading yesterday below the 1.0790 level, taking the pair back to the downside on the medium term, seen in the image above, where we can picture the pair to incline slightly to touch 1.0780 before reversing back to the downside on the short term; targeting the breach of the pivot support at 1.0670, which represents a possible neckline for a bearish technical patter with targets at 1.0400. This scenario remains as far as 1.0780 is intact on the four hour charts.
The trading range for today is among the key support at 1.0400 and the key resistance at 1.1040
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 1.0780 to 1.0670 and stop loss above 1.0865 might be appropriate.|