Canadian Dollar (CAD) Technical Major Currencies (2011-05-03)

By @ibtimes on

Morning Report

The pair is trading sideways as shown above pressured by the positivity on momentum indicators which is restricting the move towards the downside targets. In general, trading within the main downside channel and the negative pressure from the SMA 50 support the intraday downside move today which requires first the breach of 0.9450 and stability below 0.9575 targeting areas at 0.9350 and d0.9270.

The trading range for today is among the major support at 0.9270 and the major resistance at 0.9575.

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

Previous Report

Weekly ReportSupport0.94500.94000.93500.93000.9270Resistance0.95050.95750.96150.96500.9700RecommendationBased on the charts and explanations above our opinion is selling the pair with hourly closing below 0.9450 targeting 0.9270 and stop loss above 0.9575 might be appropriate

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