The pair continued to trade negatively yesterday, and provided a closing below the ascending channel's main support as shown above, where this negative factor could trigger more downside movement supported by the negativity seen on Stochastic. But on the other hand, the moving average 50 protects the suggested bullish wave from below. Therefore, we remain neutral today due to the technical conflict seen, awaiting further confirmations regarding the pair's next move, especially when heavy fundamentals are to be released from the Canadian and U.S. economy.
The trading range for today is among the major support at 99.10 and the major resistance at 1.0360.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
|Recommendation||Based on the charts and explanations above, we remain neutral awaiting more confirmations|