Canadian Dollar (CAD) Technical Major Currencies (2011-04-19)

By @ibtimes on

Morning Report

The pair rushed higher to retest the resistance for the descending channel once again. This level held against the pair supported by the SMA 50. Trading is stable below this previously breached support at 0.9665 while Stochastic signals to the downside. Therefore, we expect an intraday bearish move today targeting initially 0.9500 and requires stability below 0.9735.

The trading range for today is among the major support at 0.9500 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.Support0.96150.95600.94950.94700.9400Resistance0.96650.97050.97350.97950.9865RecommendationBased 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

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