Canadian Dollar (CAD) Technical Major Currencies (2009-12-17)

The dollar versus loonie started pushing to the upside after successfully building a base on support levels between 1.0595 - 1.0575 and near touching main resistance for the ascending channel at 1.0735. We expect to see more of the bullish direction today, supported by trades remaining intact above the breached pivotal resistance 1.0665 that will currently turn into support. We await the pair to stabilize on it to push the pair towards achieving more bullish targets that will reach 1.0845. It is important that trading remains above 1.0615 to maintain the expected bullish trend's pace.

The trading range for today is among the key support at 1.0525 and the key resistance at 1.0845.

The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000.

Weekly ReportMonthly ReportSupport1.06651.06151.05751.05251.0430Resistance1.07351.07801.08451.08701.0960RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.0665 targeting 1.0735 and stop loss below 1.0615, might be appropriate.