Canadian Dollar (CAD) Technical Major Currencies (2011-04-18)

By @ibtimes on

Weekly Report (April 18-22)

The pair is trading in a tight range since breaching the critical support at 0.9665 while trading continues within the main descending channel protected by the SMA 50. In general,we expect the downside move to continue this weektargeting areas around 0.9400. Our expectations require stability below 0.9740 to prevail.

The trading range for this week 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

Support0.96150.95600.94950.94700.9400Resistance0.96650.97150.97400.97950.9865RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9665 targeting 0.9560 and stop loss above 0.9740 might be appropriate this week

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