Canadian Dollar (CAD) Technical Major Currencies (2010-06-21)

The pair continues its negative pressure insuring the breach of the neckline for the bearish technical pattern shown previously at 1.0330 as it currently enters within the breached descending channel that is trading below resistance, which has currently descended towards 1.0210. These factors alongside stability below the MA 100 make us expect a bearish trend for this week; key targets are around 0.9925 that meet with the complete targets of the mentioned bearish technical target. Keep in mind that the breach of 1.0235 could postpone achieving bearish targets and lead to some upside movement that may target resistance for the short term at 1.0330.

The trading range for today is among the key support at 0.9925 and the key resistance at 1.0330.

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

Previous Report

Support1.01251.00801.00000.99250.9870Resistance1.02101.02801.03301.04151.0480RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0210 targeting 1.0000 and stop loss above 1.0330, might be appropriate.