Canadian Dollar (CAD) Technical Major Currencies (2011-04-08)

By @ibtimes on

Morning Report

The pair continues trading to the downside after insuring the breach of 0.9665, with a chain of daily closings; while noting that the bearish trend's neckline controls the present bearish wave. Hence, we see that the way is paved towards insuring more expected bearish intraday movement, which upcoming targets around 0.9400. Note the importance of stability below 0.9665 in order to maintain chances of resuming expectations.

The trading range for today is among the key support at 0.9350 and the key resistance at 0.9665.

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

Previous Report

Weekly Report

Support0.95500.95000.94700.94000.9350Resistance0.96250.96650.97000.97500.9795RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9625 targeting 0.9450 and stop loss above 0.9750, might be appropriate.

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