The dollar versus loonie assured the breachfor the short term descending channel's resistance, where it halted ascending upn the horizontal resistance 1.0370;forming the neckline for an intraday bullish technical pattern. From here we expect an intraday bullish direction for today, after the neckline is breached targeting 1.0530 – 1.0600. It is vital to notice that negative signs on Stochastic could cause fluctuations when attempting to breach the neckline.
The trading range for today is among the key support at 1.0000 and the key resistance at 1.0600.
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000.
|Recommendation||Based on the charts and explanations above our opinion is buying the pair with the breach of 1.0370 and targeting 1.0530 and stop loss below 1.0265, might be appropriate|