Canadian Dollar (CAD) Technical Major Currencies (2011-03-24)

By @ibtimes on

Morning Report

The pair fluctuated near the downside channel's resistance level appearing in the image above, while SMA continues offering support for resistance; thus, maintaining chances of the expected bearish intraday trend's continuing intact, although the bullish momentum appearing through the daily interval makes it hard for bearish targets that start around 0.9700 then 0.9600 to be met. Stability below the downside channel's resistance level highlighted before is a vital factor in order to maintain chances of expectations continuing.

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

Support0.97400.97000.96650.96150.9550Resistance0.98250.99150.99601.00001.0055RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9820 targeting 0.9915 and stop loss above 0.9915, might be appropriate.

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