Canadian Dollar (CAD) Technical Major Currencies (2011-02-10)

By @ibtimes on

Morning Report

The pair continues trading calmly within a narrow range, with some minor bullish slant heading towards the key resistance level 0.9990. Stochastic is near overbought levels and thereby supporting volatility of the mentioned resistance level; therefore, we expect to witness a bearish intraday direction targeting 0.9815 then 0.9700, while requiring stability below 0.9990 to prevail.

The trading range for today is among the key support at 0.9700 and the key resistance at 1.0055.

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

Previous Report

Weekly Report

Support0.99200.98500.98150.97500.9700Resistance0.99901.00551.01151.02001.0245RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9990 targeting 0.9815 and stop loss above 1.0115, might be appropriate.

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