Canadian Dollar (CAD) Technical Major Currencies (2010-07-14)

The pair stabilized below 61.8% Fibonacci correction, shown in yesterday's midday report, and thereby maintaining the bearish direction scenario intact. Momentum indicators are moving within oversold areas, which could cause an ongoing sideway fluctuation to retest 1.0340. Keep in mind the importance of 1.0405 remaining intact to maintain chances of achieving these expectations.

The trading range for today is among the key support at 1.0175 and the key resistance at 1.0405.

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

Previous Report Weekly ReportSupport1.02951.02601.02101.01751.0110Resistance1.03401.04051.04451.04701.0525RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0340 targeting 1.0260 and stop loss above 1.0405, might be appropriate.