Canadian Dollar (CAD) Technical Major Currencies (2010-01-26)

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Morning Report

The pair continues the series of upside moves based on 1.0550 with signs on a bullish pattern which is expected to push the pair further to the upside today. The pair might witness further fluctuations with downside moves in an attempt to reconsolidate upon 1.0550 before resuming the intraday upside move for the day which targets 1.0745 and requires areas of 1.0550 to remain intact with four-hour closing.

The trading range for today is among the major support at 1.0455 and the major resistance at 1.0745.

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

Support1.05501.04951.04551.03701.0315Resistance1.06001.06451.03901.07451.0780RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.0550 targeting 1.0645 and stop loss below 1.0495, might be appropriate

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