Morning Report

The Dollar versus Loonie pair retested the pivot support at 1.0575 and breached it to reach the 23.6% correction at 1.0630 yet the four hour closing was below this level keeping the trend to the downside supported by the stochastic indicator. From here we expect the pair to decline on the intraday basis targeting 1.0400 and then 1.0000 on the short term. The decline remains as far as 1.0720 is intact.

The trading range for today is among the key support at 1.0305 and the key resistance at 1.0820

The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000

RecommendationBased on the charts and explanations above, our opinion is selling the pair from 1.0575 to 1.0460 and stop loss above 1.0650 might be appropriate.