Canadian Dollar (CAD) Technical Major Currencies (2010-05-28)

The pair was able to insure the breach of the suggested neckline yesterday, while the bearish wave managed to halt at the first awaited station at 1.0480. The minor bullish correction could retest the breached neckline, followed by resuming the bearish intraday direction mainly targeting visiting 1.0390. Chances of achieving the awaited targets intact if we do not witness stability above 1.0620.

The trading range for today is among the key support at 1.0390 and the key resistance at 1.0665.

The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.

Previous Report Weekly ReportSupport1.04801.04301.03901.03351.0295Resistance1.05651.06201.06651.07451.0820RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.0565 targeting 1.0390 and stop loss above 1.0665, might be appropriate.