Canadian Dollar (CAD) Technical Major Currencies (2010-05-06)

The pair will organize trading within the ascending channel that represents the current bullish short term direction. However, after touching this channel we can expect some bearish movement to retest 1.0210 that has presently turned into support then continue the bullish intraday direction. It is vital that the four hour closing is above 1.0210 to continue the expected bullish trend.

The trading range for today is among the key support at 1.0210 and the key resistance at 1.0445.

The short term trend is to the downside as far as 1.0780 remains intact with targets at 0.9705.

Previous Report Weekly ReportSupport1.02101.01751.01001.00451.0000Resistance1.03151.03651.03901.04451.0500RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.0210 targeting 1.0365 and stop loss below 1.0175, might be appropriate.