Canadian Dollar (CAD) Technical Major Currencies (2011-05-20)

By @ibtimes on

Morning Report

The pair breached the support mentioned yesterday and is consolidating below it amid negative signals on Stochastic. We expect an intraday downside move today, targeting the critical support at 0.9645 which is the gateway for the downside move that temporary was halted for correction. Our expectations require stability below 0.9770 to prevail.

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 ReportSupport0.96450.95650.95000.94450.9400Resistance0.96850.97100.97700.98450.9915RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9685 targeting 0.9500 and stop loss above 0.9770 might be appropriate

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