Morning Report

The dollar versus loonie pair surpassed the main resistance at 1.0515 to complete the bullish correction at 38.2% Fibonacci level that reached 1.0575 and wasneeded so that the pair could gain enough bearish momentum to support the bearish trend's continuation. We still se that the general direction is bearish, where we await an expected downside direction over intraday basis today, which requires remaining below 1.0505. Keep in mind the importance of refraining from breaching 1.0565, so that the bullish technical pattern (inverted head & shoulder) is not activated, since it is still in the process of formation; where in its role, it pushes the pair to the upside and therefore losing chances of achieving the expected bearish direction.

The trading range for today is among the key support at 1.0265 and the key resistance at 1.0775.

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 selling the pair with the breach of 1.0505 and targeting 1.0360 and stop loss above 1.0600, might be appropriate