The dollar versus loonie is trading sideways since yesterday, gradually nearing resistance for the descending channel at 1.0410 and accompanied by the stochastic nearing overbought levels. Therefore, we see that the expected direction for today could be bearish; where its main targets reside at 1.0330 followed by1.0270. Keep in mind that it is vital that 1.0455 remain intact so chances of achieving these expectations prevail.
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 1.0410 targeting 1.0330 and stop loss above 1.0485, might be appropriate.|