Canadian Dollar (CAD) Technical Major Currencies (2011-02-08)

By @ibtimes on

Morning Report

The pair continues fluctuating around critical 0.9925 and stabilizes below it, while noting stochastic's positivity that is impeding the continuation of the bearish scenario. In overall, stability below the mentioned levels, alongside the negative pressure offered by the MA 50, are factors that make us hold on to expectations of a bearish intraday direction that target levels 0.9700 then 0.9600. Note the importance of stability below 1.0000 in order to maintain the bearish trend prevailing.

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

Support0.98500.98150.97500.97000.9650Resistance0.99201.00001.00551.01151.0200RecommendationBased 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.

Join the Discussion