Midday Report

The dollar versus loonie is trading within a calm bullish move since this morning, aswe expectedin our morning report, where the pair completes through this move the bearish technical pattern withwith theneckline at 1.0255. However, the pair should not surpass the 1.0340. Thus, we await a reversal supporting our expectations of a downside movement for the rest of trades today. It is vital that we focus on the interest rate decision by BoC at 13:00 GMT, which might cause some mixed trading for the pair.

The trading range for today is among the key support at 1.0000 and the key resistance at 1.0580.

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 at 1.0255 and targeting 1.0150 and stop loss above 1.0325, might be appropriate