Canadian Dollar (CAD) Technical Major Currencies (2011-01-20)

By @ibtimes on

Morning Report

The pair inched closer to the breached psychological barrier around 1.0000, while noting that stochastic has lost bullish momentum; therefore, we expect to resume a bearish intraday direction supported by the breached support level that has currently turned into resistance around 1.0000, alongside trading below the MA 50. The awaited targets start at 0.9815 then 0.9700, but keep in mind that stability below 1.0000 is vital to insure that resuming targets is not postponed.

The trading range for today is among the key support at 0.9600 and the key resistance at 1.0000.

The short term trend is to the upside as far as 1.0665 remains intact with targets at 0.9000.

Previous Report

Weekly Report

Support0.99200.98750.98150.97500.9700Resistance1.00001.00751.01251.02001.0245RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0000 targeting 0.9815 and stop loss above 1.0075, might be appropriate.

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