The dollar versus loonie succeeded in assuring the breach of the neckline for the bearish technical pattern shown in yesterday's reports, where it started its journey to achieve targets entirely at 1.0345. Positive signs that appear through momentum indicators make us expect some upside movement that will retest breach support at 1.0545 and then resume the bearish trend towards the mentioned main targets. Thus, we expect a bearish direction for today to remain intact if we do not witness trades stabilizing above 1.0570.
The trading range for today is among the key support at 1.0345 and the key resistance at 1.0640.
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000.
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|Recommendation||Based on the charts and explanations above our opinion is selling the pair from 1.0545 targeting 1.0475 and stop loss above 1.0605, might be appropriate.|