Canadian Dollar (CAD) Technical Major Currencies (2011-03-02)

By @ibtimes on

Morning Report

The pair inched closer to the minor downside channel's support level shown above, rebounding due to the positive effect of momentum indicators. We may witness some minor bullish correction that we expect will touch 0.9785 - 0.9820 before returning to resume the forecasted downside intraday trend, targeting next levels around 0.9600.

The trading range for today is among the key support at 0.9500 and the key resistance at 0.9895.

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

Previous Report

Weekly Report

Support0.97000.96650.96000.95500.9500Resistance0.97850.98400.98950.99201.0000RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9760 targeting 0.9600 and stop loss above 0.9840, might be appropriate.

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