Canadian Dollar (CAD) Technical Major Currencies (2011-05-13)

By @ibtimes on

Morning Report

The pair approached the proposed neckline for the bullish pattern at 0.9710 to complete the pattern, and a breach of which is need to activate the pattern. On the other hand, yesterday's closing was below the SMA 50 and that forces us to observe the pair closely today to confirm the next move. Breaching 0.9710 will extend the move towards 0.9845 and 0.9915 while breaching 0.9605 with consolidation below it will revive the bearish trend once again.

The trading range for today is among the major support at 0.9445 and the major resistance at 0.9915.

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

Previous Report

Weekly ReportSupport0.96450.96050.95250.95000.9445Resistance0.97100.97700.98450.99150.9960RecommendationBased on the charts and explanations above our opinion is selling the pair with hourly closing below 0.9605 targeting 0.9445 and stop loss above 0.9710 (OR) buy the pair with hourly closing above 0.9710 targeting 0.9845 and stop loss below 0.9605 might be appropriate

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