Canadian Dollar (CAD) Technical Major Currencies (2010-03-16)

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Morning Report

The negative effects seem to remain intact, where the main cause was the bearish technical pattern that has been shown yesterday that we recommend reviewing, but currently due to the pair's effect in the 127% extension and correction 161.8%, which could cause major fluctuations, alongside the major oversold signs appearing on the stochastic that could increase from the fluctuation. However, we maintain our previous expectations that point to a possible bearish direction that will be insured and speed up when 1.0150 is breached to the downside.

The trading range for today is among the key support at 1.0000 and the key resistance at 1.0275.

The general trend is to the downside as far as 1.1095 remains intact with targets at 0.9910.

Previous Report Weekly ReportSupport1.01501.00801.00000.99500.9865Resistance1.01901.02301.02751.03651.0445RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.0190 targeting 1.0080 and stop loss above 1.0275, might be appropriate.

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