Morning Report

The dollar versus loonie closely neared yesterday's main awaited target at 1.0200, attempting minor bullish corrections due to positive signs appearing through momentum indicators and trading within a minor descending channel that organizes current trades. We expect to touch resistance for the minor channel mentioned at 1.0260 and then resume the bearish intraday direction that targets breaching 1.0200 to pave the way to head towards 1.0100. It is vital that 1.0365 remain intact for expectations to prevail.

The trading range for today is among the key support at 1.0100 and the key resistance at 1.0410.

The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000.

RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.0260 targeting 1.0125 and stop loss above 1.03650, might be appropriate.