Morning Report

The dollar versus loonie pair is gradually narrowing to form a symmetrical triangle asseen onthe image above, which supports the pair's descend. From here we expect that the intraday direction for today could possibly be bearish; requiring firstbreaching support levels between 1.0615 and 1.0590 toclear the pathtowards 1.0455 asthe first technical target. The 200 moving average is impeding the pair's current downside trend and is forming strong support in front of it; whereas Stochastic is near to showing negative bearish signs that support our expectations for today.

The trading range for today is among the key support at 1.0360 and the key resistance at 1.0870.

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 with the breach of 1.0615 and targeting 1.0455 and stop loss above 1.0715, might be appropriate