The dollar versus loonie was able to achieve the technical pattern's targets shown yesterday, accompanied by oversold signs through momentum indicators that we expect will push the pair to attempt some bullish correction; touching through it the resistance level for the descending channel at 1.0435 and then the pair will start the expected bearish intraday; resuming through it the bearish short term direction, where its primary next targets are around 1.0200 and then 1.0100. It is vital that 1.0485 remain intact to maintain chances of achieving these expectations.
The trading range for today is among the key support at 1.0200 and the key resistance at 1.0500.
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000.
|Recommendation||Based on the charts and explanations above our opinion is selling the pair from 1.0435 targeting 1.0330 and stop loss above 1.0485, might be appropriate.|