Morning Report

The dollar versus loonie succeeded in achieving its first awaited target at 1.0310, succeeding in breach this level in an attempt to pave the way to head towards upcoming main targets that are around 1.0200 - 1.0165. Momentum indicators are showing oversold signs; thus, causing some sideways fluctuation while leaning towards some bullish correction before resuming the expected bearish direction for today that essentially requires 1.0380 to remain intact, with the four hour close below it.

The trading range for today is among the key support at 1.0140 and the key resistance at 1.0455.

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 1.0310 targeting 1.0200 and stop loss above 1.0380, might be appropriate.