Canadian Dollar (CAD) Technical Major Currencies (2010-02-01)

The pair insured the breach of pivotal resistance, shown in the daily chart above, at 1.0605; stabilizing above the MA 100 an additional day, where a clear breach of the bullish technical pattern is appearing on the four hours chart. These factors make us expect a possible bullish direction for this week that might be forced to retest 1.0605 once again, before resuming the bullish trend as its main targets started at 1.0780, and push towards 1.0960. Keep in mind the importance of the daily closing remaining above 1.0550 to maintain chances of achieving these expectations.

The trading range for today is among the key support at 1.0415 and the key resistance at 1.0960.

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

Previous ReportSupport1.06051.05501.05001.04151.0335Resistance1.07001.07801.08701.09601.1045RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.0605 targeting 1.0780 and stop loss below 1.0500, might be appropriate.