The dollar versus loonie continued fluctuating around 1.0500 sideways, therefore increasing the need for some bearish correction to rid of the clear negative signs through momentum indicators, in addition to retesting the previously breached resistance at 1.0410. Thus, we can expect an overall bullish intraday direction that will build a base on 1.0410 and head towards 1.0510 then 1.0600. It is vital that 1.0335 remain intact for the bullish short term may prevail.
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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|Recommendation||Based 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.|