The dollar versus loonie succeeded in achieving the expected primary targets around 1.0330, with some bearish movement to test the strength of 1.0300 and pushes the pair to the upside, due to support from oversold signs that appear through momentum indicators. From here, we expect some bullish correction for yesterday's descend that retests the breached horizontal support level at 1.0360 and then returns to achieve more possible bearish movement over an intraday basis heading towards upcoming main targets around 1.0200 - 1.0180. Keep in mind that these expectations will prevail if 1.0435 remains intact with the four hour close below it.
The trading range for today is among the key support at 1.0180 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 1.0360 targeting 1.0270 and stop loss above 1.0435, might be appropriate.|