Canadian Dollar (CAD) Technical Major Currencies (2011-04-21)

By @ibtimes on

Morning Report

The pair stabilized below the minor breached support at 0.9525 which is a good signal for returning within the main descending channel shown above. Stochastic is trending downwards yet entering oversold areas, which might push the pair slightly higher to retest the support mentioned before resuming the intraday bearishness expected for today targeting 0.9350 and 0.9300. Breaching areas of 0.9525 will delay the downside targets until the pair unloads the negativity on momentum indicators.

The trading range for today is among the major support at 0.9270 and the major resistance at 0.9600.

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

Previous Report

Weekly ReportSupport0.94700.94000.93500.93000.9270Resistance0.95250.96000.96650.96950.9715RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9525 targeting 0.9350 and stop loss above 0.9600 might be appropriate

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