Canadian Dollar (CAD) Technical Major Currencies (2011-05-06)

By @ibtimes on

Morning Report

The pair rushed to the upside breaching the resistance for the main descending channel and ended yesterday above it. This is a positive signal for the reversal of the intraday trend, yet trading the SMA 50 is strong resistance against the pair alongside the buying saturation on momentum indicators. Therefore, we will observe the pair today between the support of 0.9635 and resistance at 0.9710 as breaching the support will resume the downside move and breaching the resistance will complete the formation of the bullish pattern and extend the upside correction.

The trading range for today is among the major support at 0.9445 and the major resistance at 0.9845.

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

Previous Report

Weekly ReportSupport0.96350.95700.95000.94500.9400Resistance0.97100.97700.98450.99150.9960RecommendationBased on the charts and explanations above we remain neutral and recommend observing the pair around the mentioned areas for more confirmations

Join the Discussion