Canadian Dollar (CAD) Technical Major Currencies (2011-02-07)

By @ibtimes on

Weekly Report 07 - 11 / February / 2011

The pair resumes stability within the descending short term channel, alongside trading below the previously breached minor support around 0.9920. The SMA 50 continues its negative pressure on the pair supporting the expectebearish weekly move targeting 0.9700 then 0.9600. Daily closing below 1.0000 is needed to preserve the bearish direction.

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 1.0000.

Previous ReportSupport0.98500.98150.97500.97000.9650Resistance0.99201.00001.00551.01151.0200RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9920 targeting 0.9700 and stop loss above 1.0000, might be appropriate this week

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