Canadian Dollar (CAD) Technical Major Currencies (2011-04-20)

By @ibtimes on

Morning Report

The pair reversed lower from 0.9665 mentioned yesterday and approaching the trough at 0.9525. Trading is ideally within the descending channel alongside the negative pressure from SMA 50 and accordingly we expect further intraday bearishness today which requires a clear breach for 0.9525 and stability below 0.9665.

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

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

Previous Report

Weekly ReportSupport0.95250.94700.94000.93500.9300Resistance0.96000.96650.97050.97350.9795RecommendationBased on the charts and explanations above our opinion is selling the pair with hourly closing below 0.9525 targeting 0.9350 and stop loss above 0.9665 might be appropriate

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