The continuous pressure on pivotal support 1.0575 in forming a bearish technical pattern is clearly showing through the image above for the dollar versus loonie; where the pair was able to breach its neckline and move to the downside towards its main target that meets with the key support for the ascending channel at 1.0500. We expect the pair to complete these targets and then rebound to trade to the upside to achieve an expected incline over an intraday basis, where its main targets are around 1.0720. The stochastic seems to be showing positive signs that support our bullish trend expectations, which requires the daily close to remain above 1.0500 so it might prevail.
The trading range for today is among the key support at 1.0400 and the key resistance at 1.0720.
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000.
Monthly report Weekly Report
|Recommendation||Based on the charts and explanations above our opinion is buying the pair from 1.0500 targeting 1.0620 and stop loss below 1.0430, might be appropriate.|
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