The dollar versus loonie gradually succeeded in building a basearound the support level of 1.0485; achieving the first target around 1.0575, with some breach where the pair returns negatively pressured, once more, due to negative signs from momentum indicators. We expect the pair's bearish correction to reach 1.0535 - 1.0515 as a maximum limit and then rebound to the upside to achieve a possible bullish intraday direction for today; targeting mainly 1.0710 and essentially requiring today's closing to remain above 1.0490.
The trading range for today is among the key support at 1.0430 and the key resistance at 1.0710.
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 1.0535 targeting 1.0620 and stop loss below 1.0475, might be appropriate.|