Canadian Dollar (CAD) Technical Major Currencies (2010-09-02)

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Morning Report

The pair expected its decline yesterday where further correction is projected. Supporting this suggestion is stability below SMA 50 levels along with the negative signs onStochastic forming on the hourly-chart. We expect a bearish intraday directionthat requires a clear breach of 1.0485 and stability below 1.0595. initial targets starts mainly at 1.0380.

The trading range for today is among the major support at 1.0380 and the major resistance at 1.0625.

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

Previous Report

Weekly ReportSupport1.04851.04251.03801.03401.0315Resistance1.05651.05951.06551.07301.0745RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.0485 targeting 1.0380 and stop loss below 1.0565 might be appropriate

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