Canadian Dollar (CAD) Technical Major Currencies (2011-06-01)

By @ibtimes on

Morning Report

The pair reached the breached resistance of the descending main channel which turned into support at 0.9675. The pair couldn't close below the level yesterday; this may delay going back to the downside trend. In general, we expect an intraday downside move today affected by the breached rising wedge and trading below the 50 EMA mentioning the steady 61.8% Fibonacci retracement level we explained in our weekly report. Initial targets start at 0.9565 then 0.9400 with stability below 0.9825 is important for these expectations to be valid.

The trading range for today is among the major support 0.9400 and the major resistance 0.9825

The short term trend is to the downside with a steady level at 1.0665 targeting 0.9000Support0.96750.96450.95650.95000.9445Resistance0.97100.97700.98250.98450.9915RecommendationBased on the charts and explanations above we recommend selling the pair with hourly closing below 0.9675 targeting 0.9500 and stop losses above 0.9770 might be appropriate for today.

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