Canadian Dollar (CAD) Technical Major Currencies (2011-04-28)

By @ibtimes on

Morning Report

The pair carried the awaited retest and the upside correction expected to stabilize below the SMA 50, activating yesterday's scenario. Therefore, we see the likelihood for the intraday bearishness for today targeting 0.9300. Breaching 0.9515 will delay targets and drive the pair into upside correction.

The trading range for today is among the major support at 0.9300 and the major resistance at 0.9555.

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

Previous Report

Weekly ReportSupport0.94500.94000.93500.93000.9270Resistance0.95150.95550.96150.96650.9700RecommendationBased on the charts and explanations above our opinion is selling the pair with hourly closing below 0.9450 targeting 0.9300 and stop loss above 0.9515 might be appropriate

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