Morning Report

The dollar versus loonie managed to achieve a perfect touch of yesterday's awaited main target at 1.0665, where it meets with the resistance level for the bullish minor channel, shown in the four hour chart. The mentioned resistance level in addition to negative reversal on momentum indicators; are forces that force the pair to achieve some bearish correction which isn't expected to surpass 1.0575; starting the bullish direction over an intraday basis expected today at it and mainly targeting to reach 1.0780 then 1.0865. It is important that the four hour close remain above 1.0575 to keep chances of today's expected bullish intraday direction continuity.

The trading range for today is among the key support at 1.0460 and the key resistance at 1.0780.

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 1.0495, might be appropriate.