Morning Report

The dollar versus loonie trades collectively traded within the descending channel, clearly showing through the image above, where it was able to breach the sideway range mentioned yesterday. We see that the way is opened to achieve the bullish technical pattern's targets, mentioned in our previous reports, where its neckline is shown in red, since its complete targets are around 1.0345. Thus, we se that the expected direction for today is bearish; targeting 1.0345 and then descending more towards 1.0200, while taking into consideration that these expectations will prevail if we do not witness stability in trades above 1.0590.

The trading range for today is among the key support at 1.0200 and the key resistance at 1.0595.

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

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RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.05460 targeting 1.0345 and stop loss above 1.0545, might be appropriate.