Morning Report

The dollar versus loonie was able to strongly breach 1.0410 that will complete forming the bullish technical pattern, shown in the image above. This pattern will pave the way to achieve more expected bearish direction over an intraday basis that requires some minor bearish correction to rid of negative signs appearing on momentum indicators and retest breached resistance, before resuming the bullish direction. This bullish trend requires 1.0335 to remain intact to insure achieving its targets.

The trading range for today is among the key support at 1.0220 and the key resistance at 1.0600.

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 1.0410 targeting 1.0510 and stop loss below 1.0335, might be appropriate.