Canadian Dollar (CAD) Technical Major Currencies (2011-04-29)

By @ibtimes on

Morning Report

We have signs of a rising wedge confining the intraday move for the pair. This pattern signals that the pair is about to resume theintraday bearishness expected for today. The downside move requires first the clear breach for the pattern's support at 0.9505 and then the support for the sideways channel at 0.9465. 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 ReportSupport0.95050.94650.94000.93500.9300Resistance0.95150.95550.96150.96650.9700RecommendationBased on the charts and explanations above our opinion is selling the pair with hourly closing below 0.9465 targeting 0.9300 and stop loss above 0.9555 might be appropriate

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