Canadian Dollar (CAD) Technical Major Currencies (2011-05-17)

By @ibtimes on

Morning Report

Trading stabilized above the breached neckline yesterday, at the time the pair is finding difficulty in breaching the sensitive 61.8% Fibonacci at 0.9765 which is supported by the negativity on momentum indicators. The negative pressure might push the pair to retest the breached neckline before resuming the intraday upside move for today targeting 0.9845. Breaching 0.9710 will delay the suggested upside move and might negate the effect of the bullish technical pattern.

The trading range for today is among the major support at 0.9630 and the major resistance at 0.9970.

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

Previous Report

Weekly ReportSupport0.97100.96450.96100.95250.9500Resistance0.97650.98450.99150.99701.0000RecommendationBased on the charts and explanations above our opinion is buying the pair with around 0.9710 targeting 0.9845 and stop loss below 0.9610 might be appropriate

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