The dollar versus loonie achieved a new breach for the neckline at 1.0470; whereas the upcoming positive pressure from momentum indicators kept the pair trading around the main resistance at 1.0480, shown in the side image. A bearish technical pattern appears on the larger picture for its neckline at 1.0415, pushing the pair to the upside once again. Today, we expect some fluctuation around main resistance and then the pair will reverse to the downside in an attempt to breach the very important 1.0415 and open the door to an expected bearish trend for today that targets 1.0200. It is important that 1.0560 remains intact for the awaited bearish trend to prevail.
The trading range for today is among the key support at 1.0200 and the key resistance at 1.0715.
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000.
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|Recommendation||Based on the charts and explanations above our opinion is selling the pair at 1.0480 and targeting 1.0360 and stop loss above 1.0560, might be appropriate|