Canadian Dollar (CAD) Technical Major Currencies (2011-03-07)

By @ibtimes on

Weekly Report 7 - 11 / March / 2011

The pair continues trading within a narrow range in a sideway manner after inching closer to the minor channel's support level shown above, while stochastic continues moving to the upside gradually in an attempt to lose some bullish momentum that could impede the bearish trend mentioned in last week's reports continuation. This positivity could push us to revisit the minor channel's resistance level around 0.9820 before resuming the expected overall bearish direction this week heading towards targets around 0.9600 then 0.9500. Note that stability of closing below 0.9875 is a vital factor to resume the suggested expectations.

The trading range for this week is among the key support at 0.9500 and the key resistance at 0.9875.

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

Previous ReportSupport0.97000.96650.96150.95500.9500Resistance0.97850.98200.98750.99151.0000RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9820 targeting 0.9600 and stop loss above 0.9910, might be appropriate.

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