Morning Report

The dollar versus loonie continued is ascend since yesterday to touch main resistance for the descending channel that organizes the bearish short term wave's trades for the pair - currently at 1.0405 - and is accompanied by clear negative signs appearing through momentum indicators. These factors make us expect the beginning of a bearish intraday wave that supports the bearish short term trend targeting mainly 1.0200 - 1.0160. Keep in mind the importance of 1.475 remaining intact and the four-hour closing below it to maintain chances of the awaited bearish direction continuing.

The trading range for today is among the key support at 1.0200 and the key resistance at 1.0515.

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 1.0405 targeting 1.0310 and stop loss above 1.0475, might be appropriate.