Canadian Dollar (CAD) Technical Major Currencies (2010-02-18)

The pair succeeded in building a base on pivotal support 1.0410 and starts a bullish wave, according to yesterday's suggested scenario. It appears that there is vital horizontal resistance at 1.0500, which forms the assumed neckline for the bullish technical pattern that is being formed. This makes us expect a bullish direction for today, where its main target is at 1.0565 then 1.0645. Keep in mind the importance of trading remaining above 1.0410 to maintain chances of achieving these expectations.

The trading range for today is among the key support at 1.0350 and the key resistance at 1.0650.

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

Previous Report Weekly ReportSupport1.04101.03551.02701.02201.0175Resistance1.05001.05601.05901.06451.0700RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.0460 targeting 1.0565 and stop loss below 1.0390, might be appropriate.