Morning Report

The loonie stabilized near the highlighted pivotal support level yesterday around 0.9665, whereas the pair is finding a difficult time in continuing the downside trend due to stochastic's positivity. Hence, we may witness some fluctuation a lean towards retesting the previously broken support level that has turned into resistance around 0.9755, before continuing the expected downside intraday trend. The breach of 0.9665 will make the pair's mission easier to target levels 0.9550 then 0.9500, while it requires trading below 0.9775 to maintain chances of resuming expectations.

The trading range for today is among the key support at 0.9550 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

RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9755 targeting 0.9600 and stop loss above 0.9840, might be appropriate.