Canadian Dollar (CAD) Technical Major Currencies (2011-02-17)

By @ibtimes on

Morning Report

The pair continues trading to the downside and presently is trading around the critical support level for the sideway range around 0.9840, while negative pressure continues appearing through the MA 50 along with trading within the key downside channel. We expect a bearish intraday direction that requires two factors to prevail; first, a clear breach of 0.9840 and the second is stabilizing below 0.9950.

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

Support0.98400.98150.97500.97000.9650Resistance0.99200.99501.00001.00551.0155RecommendationBased 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 0.9950, might be appropriate.

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