Canadian Dollar (CAD) Technical Major Currencies (2011-01-27)

By @ibtimes on

Morning Report

Tight trading controlled the pair since the beginning of the week, with the prevailing stability below 1.0000 areas, the SMA 50 and the short term descending channel's resistance. Those facts and alongside the negativity on Stochastic support our expectations for the pair to move to the downside today, while breaching 1.0000-35 with stability above it can reverse the intraday direction to the upside.

The trading range for today is among the major support at 0.9700 and the major resistance at 1.0050.

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

Previous Report

Weekly ReportSupport0.99200.98750.98150.97500.9700Resistance1.00001.00351.01151.02001.0245RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0000 targeting 0.9815 and stop loss above 1.0115 might be appropriate

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