Canadian Dollar (CAD) Technical Major Currencies (2011-02-11)

By @ibtimes on

Morning Report

The pair continues trading near the upside channel's resistance level that has currently descended towards 0.9985, which resides with the SMA 50 and is accompanied by negative signs on Stochastic. These factors make us hold onto our bearish intraday expectationstargeting areas from 0.9815 then 0.9700. It is vital that stability is below the highlighted resistance level for our expectations 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

Support0.99200.98500.98150.97500.9700Resistance0.998581.00551.01151.02001.0245RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9985 targeting 0.9815 and stop loss above 1.0115, might be appropriate.

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