Canadian Dollar (CAD) Technical Major Currencies (2010-07-02)

The pair is still attempting to achieve yesterday's suggested scenario, thereby we maintain yesterday's expectations as is where we expect that the pair is in the process of completing a classical bullish pattern formation that will be achieve with the breach of 1.0635, followed by the breach of 1.0710. From here, we expect the major fluctuation with the expectations of a bearish move returning within the overall bullish trend, which originally follows the expected classical technical pattern.

The trading range for today is among the key support at 1.0470 and the key resistance at 1.0895.

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

Previous Report Weekly Report

Support1.05951.05201.04701.04101.0350Resistance1.06351.06801.07101.07651.0825RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.0595 targeting 1.0680 and stop loss below 1.0510, might be appropriate.