Morning Report

The Dollar versus Loonie pair continued to trade within a bullish channel that took the pair to breach the key resistance for the downside trend. Momentum indicators are bearish and are pressuring the pair to the downside which may take it to the 23.6% correction at 1.0715, before rebounding back to the upside on the intraday to target 1.0965 as far as 1.0685 remains intact on the four hour charts.

The trading range for today is among the key support at 1.0410 and the key resistance at 1.0965

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

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RecommendationBased on the charts and explanations above, our opinion is buying the pair from 1.0715 to 1.0820 and stop loss below 1.0640 might be appropriate.