Canadian Dollar (CAD) Technical Major Currencies (2010-12-03)

By @ibtimes on

Morning Report

The pair continued within yesterday's sharp bearish direction to surpass 1.0140, but it is vital that the daily closing achieve below the retest level the previously breached bearish trend at 1.0040. The present attempts to return above this level to exit the bearish trend, where we currently need to insure an additional trend that will occur through observing the daily closing for retest levels that have currently descended to 1.0030; specifically since it is expected to witness sharp and mixed trading for the pair, according to major economic data the is expected for the Canadian economy, followed by the US economy.

The trading range for today is among the key support at 0.9875 and the key resistance at 1.0205.

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

Previous Report

Weekly Report

Support1.00301.00000.99250.98750.9815Resistance1.00851.01401.02051.02401.0275RecommendationBased on the charts and explanation above our opinion is observing the pair’s movement to insure its upcoming direction.

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