The dollar versus loonie pair inched closer to the awaited target level for yesterday around 1.0635 and stabilized trading around the 200 MA at 1.0645. The pair currently exists above the previously breached resistance for the previous bearish direction that keeps the bullish short term direction intact, while protected bythe mentioned MA. From here we expect a bullish intraday trend for today, where its primary target is around 1.0770 where chances of this direction will prevail if the breach is achieved and the four-hour closing holdsbelow 1.0635.
The trading range for today is among the key support at 1.0430 and the key resistance at 1.0990.
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 at 1.0635 and targeting 1.0770 and stop loss below 1.0545, might be appropriate|