The dollar versus loonie trades are wedged between correction levels 23.6% and 38.2%, shaded in yellow in the image above, while noticing trades stabilizing above MA 200; supports the previously expected bullish direction. We see that sideway trades are attempting to gain enough bullish momentum to support bullish expectations. Hence, we witness that the expected direction for today is bullish over an intraday basis and initially targets 1.0730, while taking into consideration that the bullish short term wave requires the daily close to remain above 1.0510.
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.
Weekly ReportMonthly Report
|Recommendation||Based on the charts and explanations above our opinion is buying the pair from 1.0595 targeting 1.0730 and stop loss below 1.0510, might be appropriate.|
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