Canadian Dollar (CAD) Technical Major Currencies (2009-12-21)

on December 21 2009 1:51 AM

Weekly Report 21 - 24 / 12 / 2009

TheGreenback versus Loonie succeeded in achieving a primary breachfor main resistance, shown in the daily image, at 1.0670; where the pair is fluctuating constantly around it, which appears through the side image. The current ascending channel is organizing the breaching process, which we think will push the pair towards achieving a more bullish short term direction. Momentum indicators are negatively pressuring the pair to attempt to bearishly correction to try to gain enough bullish momentum to support the bullish short term direction expected for this week and targets mainly 1.0960 following 1.1135, while keeping in mind that the bullish direction will prevail if the daily close remains above 1.0485.

The trading range for this week is among the key support at 1.0400 and the key resistance at 1.1000.

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

Monthly ReportSupport1.05751.04851.04001.03351.0255Resistance1.06701.07651.08451.09601.1045RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.0575 targeting 1.0765 and stop loss below 1.0485, might be appropriate.

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