Canadian Dollar (CAD) Technical Major Currencies (2010-02-22)

on February 22 2010 1:52 AM

Weekly Report 22 - 26 / February / 2010

The pair continued its negative effects achieving more bullish movement below pivotal support 1.0410. The effects coming from the bearish technical patterns make us expect more bearish movement for this week; targeting initially 1.0190. The breach of 1.0555 will make the direction rebound and target 38.2% Fibonacci at 1.0780.

The trading range for today is among the key support at 1.0190 and the key resistance at 1.0780.

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

Previous ReportSupport1.03551.02701.01901.01251.0080Resistance1.04101.05051.05551.05901.0650RecommendationBased on the charts and explanations above our opinion is to avoid trading awaiting more confirmation signs for the pair’s direction, might be appropriate.

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