The dollar versus loonie trades stabilized at the resistance level for the descending channel1.0355, while the pair gained negative momentum appearing through the stochastic. We still hold onto the previously expected direction, where we see that the expected direction for today is bearish; targeting 1.0200 mainly and requires trades to remain below 1.0405. Keep out from volatile fluctuation that the pair could witness, considering the awaited unemployment data from the Canadian economy at 12:00 GMT, following directly is the strong data coming from the US economy.
The trading range for today is among the key support at 1.0090 and the key resistance at 1.0540.
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 1.0355 targeting 1.0260 and stop loss above 1.0405, might be appropriate.|