Canadian Dollar (CAD) Technical Major Currencies (2011-04-12)

By @ibtimes on

Morning Report

The pair breached the intraday descending channel's resistance shown above, yet SMA 50 is restricting the pair from extending a strong upside move. Momentum indicators are approaching overbought areas and accordingly we favor the likelihood for aslight upside move to retest 0.9665 before reversing south to resume the intraday bearishnesstoday targeting areas from 0.9400. Stability below 0.9665 areas is essential to ensure reaching the targets will not be postponed

The trading range for today is among the major support at 0.9400 and the major resistance at 0.9740.

The short term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.

Previous Report

Weekly ReportSupport0.95800.95500.94950.94700.9400Resistance0.96200.96650.97000.97400.9795RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9665 targeting 0.9500 and stop loss above 0.9740 might be appropriate

Join the Discussion