Morning Report

The support levels stabilized around 1.0465, in front of the dollar versus loonie pair's attempts to descend; whereas the main resistance at 1.0575 halted the pair's continuing bullish push - meeting point between 50% Fibonacci correction and MA 200 -. Signs of a bullish technical pattern, where its neckline is at the mentioned key resistance, makes us await an expected bullish direction over the short term, which requires 1.0470 to remain intact and targets 1.0745.

The trading range for today is among the key support at 1.0400 and the key resistance at 1.0745.

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 buying the pair from 1.0575 targeting 1.0745 and stop loss below 1.0470, might be appropriate