The dollar versus loonie was able to touch support levels for the ascending channel around 1.0470, which came alongside the stochastic reaching oversold areas; thus, making us expect a bullish rebound for the pair to head towards pivotal resistance levels 1.0575 - where the pair constantly faces a hard time in attempting to breach it - and then attempt to achieve more ascends towards 1.0700. We expect a bullish intraday for today which mainly requires 1.0480 to remain intact, and is presented by a change in the intraday direction's scenario, seemingly since it represents the neckline for the bearish technical pattern that will be completed if this level is breached.
The trading range for today is among the key support at 1.0375 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 buying the pair from 1.0480 targeting 1.0575 and stop loss below 1.0400, might be appropriate.|