Canadian Dollar (CAD) Technical Major Currencies (2011-02-15)

By @ibtimes on

Morning Report

The pair continued trading near the sideway range's support level around 0.9840, while the MA 50 continues protecting trading within the key upside channel sown above. Meanwhile, stochastic is moving to the downside and thereby making us expect a breach near the highlighted support level that will pave the way towards achieving the expected bearish intraday direction starting its technical targets around 0.9700 then 0.9600. These expectations require trading to stabilize below the highlighted downside channel's resistance level.

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

Support0.98400.98150.97500.97000.9650Resistance0.99200.99551.00001.00551.0115RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 0.9840 targeting 0.9650 and stop loss above 0.9955, might be appropriate.

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