Canadian Dollar (CAD) Technical Major Currencies (2010-12-16)

By @ibtimes on

Morning Report

The pair attempted yesterday to breach the pivotal support at 1.0025 yet did not provide a daily closing below it. Stochastic is still positive and accordingly the pair will continue to fluctuate among the mentioned support and the 50 MA which is the ceiling for intraday trading before the breach to extend the intraday bearishness expected for today; targets are expected at 0.9925 and require stability below 1.0200 to remain valid.

The trading range for today is among the major support at 0.9815 and the major resistance at 1.0200.

The short term trend is to the upside as far as 0.9925 remains intact targeting 1.1485.

Previous Report

Weekly ReportSupport1.00250.99750.99250.98750.9815Resistance1.00901.01401.01651.02051.0285RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.0025 targeting 0.9925 and stop loss above 1.0090 might be appropriate

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