Canadian Dollar (CAD) Technical Major Currencies (2011-03-29)

By @ibtimes on

Morning Report

The pair stabilized below the downside channel's resistance level, where SMA was able to protect trading within it. Meanwhile, Stochastic is giving off negative signs that point to more levels that will make the expected bearish trend easier, with upcoming targets around 0.9600. In return, note that the breach of resistance levels between 0.9800 - 0.9840 could postpone our suggested bearish scenario.

The trading range for today is among the key support at 0.9600 and the key resistance at 0.9840.

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

Previous Report

Weekly Report

Support0.97400.96650.96150.95500.9500Resistance0.98000.98400.99150.99601.0000RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 0.9740 targeting 0.9600 and stop loss above 0.9840, might be appropriate.

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