Canadian Dollar (CAD) Technical Major Currencies (2011-03-22)

By @ibtimes on

Morning Report

The pair stabilized below the neckline for the highlighted bearish technical pattern from yesterday, while SMA touched the broken retest level around 0.9805; therefore, adding further strength to this resistance. We expect the bearish trend to continue due to the affect of the highlighted bearish pattern, where level 0.9600 will be revisited today. Momentum indicators are moving within neutral areas, which could make us witness sideways fluctuation until bearish momentum is achieved, supporting our suggested scenario. Note that stability below 0.9830 is vital to maintain chances of resuming expectations.

The trading range for today is among the key support at 0.9600 and the key resistance at 0.9960.

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

Previous Report

Weekly Report

Support0.97400.97000.96650.96150.9550Resistance0.98050.98300.99150.99601.0000RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9805 targeting 0.9615 and stop loss above 0.9915, might be appropriate.

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