Canadian Dollar (CAD) Technical Major Currencies (2010-12-09)

By @ibtimes on

Morning Report

The pair stabilized below the pivotal resistance the was retested yesterday at 1.0140, alongside consolidation below the 50 MA, supporting thecontinuing of the expected bearish intraday directiontargeting 0.9925. Some fluctuation is expected around the MA and the retest areas before initiating the bearish move which requires areas of 1.0140 to remain intact.

The trading range for today is among the key support at 0.9925 and the key resistance at 1.0250.

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

Previous Report

Weekly Report

Support1.00801.00000.99250.98750.9815Resistance1.01401.01651.02051.02501.0325RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0140 targeting 0.9925 and stop loss above 1.0250, might be appropriate.

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