Canadian Dollar (CAD) Technical Major Currencies (2009-12-22)

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Morning Report

The perfect touch of the support level for the ascending channel consists of the dollar versus loonie pair within it at 1.0545; rebounding to the upside, according to the suggested scenario yesterday. From here, we expect a bullish direction over an intraday basis supported by 76.4% Fibonacci correction. The primary targets expected are around 1.0765. It is important to pay attention that chances of achieving this bullish trend will prevail if we do not witness aclear breachfor 1.0545.

The trading range for today is among the key support at 1.0480 and the key resistance at 1.0765.

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

Monthly Report Weekly Report

 

Support
1.0585
1.0545
1.0480
1.0400
1.0335

 

Resistance
1.0665
1.0700
1.0765
1.0845
1.0920

 

Recommendation
Based on the charts and explanations above our opinion is buying the pair from 1.0585 targeting 1.0665 and stop loss below 1.0535, might be appropriate.

 

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