Canadian Dollar (CAD) Technical Major Currencies (2011-04-15)

By @ibtimes on

Morning Report

The pair retested the previously breached support at 0.9665 and reversed lower to close below the resistance for the intraday descending channel shown above. Therefore, we hold onto our intraday bearish expectations today which might be preceded by sideways fluctuation due to the positivity on Stochastic. Targets start from 0.9500 then 0.9400 and require stability below 0.9665.

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 ReportSupport0.96150.95600.94950.94700.9400Resistance0.96300.97000.97400.97950.9865RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9630 targeting 0.9470 and stop loss above 0.9740 might be appropriate

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