Canadian Dollar (CAD) Technical Major Currencies (2011-08-23)

By @ibtimes on

Morning Report

The pair failed again to move higher, while the resistance at 0.9910-70 has proved its strength,pushing the pair to the downside. Therefore, our negative expectations remain valid, while Stochastic is turning negative from overbought areas. Stability below 0.9825 should confirm the downside movement.

The trading range for today is among the major support at 0.9710 and the major resistance at 1.0125.

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

Previous Report

Weekly ReportSupport0.98650.98250.97700.97350.9700Resistance0.99100.99701.00101.00801.0125RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9880, targeting 0.9635 and stop loss with 4-hour closing above 0.9970 might be appropriate.

Join the Discussion