The dollar versus loonie is wedged within a sideway range between 1.0530 and 1.0585; in an attempt to gather some bearish momentum where it could make the pair able to achieve more downside movement towards main support targeted and mentioned in yesterday's report. From here we can expect a bearish direction over an intraday basis for today; mainly targeting the breach of 1.0445 and head towards 1.0335. It is vital that the four hours close below 1.0585 to maintain chances of achieving these expectations.
The trading range for today is among the key support at 1.0335 and the key resistance at 1.0700.
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 selling the pair with the breach of 1.0530 targeting 1.0445 and stop loss above 1.0585, might be appropriate.|