Canadian Dollar (CAD) Technical Major Currencies (2011-04-27)

By @ibtimes on

Morning Report

The pair resumed the downside move after correcting 38.2% of the last downside wave as shown on the chart above. Momentum indicators are hovering within oversold areas which might increase the fluctuation with a slight upside move beforeresuming the intraday downside move expected todaytowards 0.9350 and 0.9300. Breaching 0.9555 will extend the upside correction towards 0.9615-0.9665.

The trading range for today is among the major support at 0.9300 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 ReportSupport0.94700.94000.93500.93000.9270Resistance0.95150.95550.96150.96650.9700RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9555 targeting 0.9400 and stop loss above 0.9665 might be appropriate

Join the Discussion