Morning Report

The dollar versus loonie managed to breach resistance for the descending channel 1.0315 to presently hit into pivotal resistance at 1.0360, which might force the pair to attempt to bullishly correct to retest the breached 1.0315 and gain enough bullish momentum to support the pair attempting to achieve the first target once again for this ascend at 1.0405. The breach of 1.0305 will cancel out the possibility of a bullish trend that will pave the way to return to trades within the bearish short term direction. However, on the overall we expect a bullish direction in trades for today.

The trading range for today is among the key support at 1.0220 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.

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RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.0315 targeting 1.0400 and stop loss below 1.0270, might be appropriate.