Weekly Report 30/01 -03/02/ 2012

The loonie found support near the 200-days SMA to rebound again, the latest breach of the triangle pattern hinted the selloff; however, we may see a normal pullback that may retest the breached triangle pattern before resuming the downside bias. Accordingly, we anticipate downside reversal signs from levels near the breached support of the triangle in addition to the short term descending resistance shown on image.

The trading range for the week is expected among the major support at 0.9900 and the major resistance at 1.0200.

The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900

Previous Report

RecommendationBased on the charts and explanations above, we recommend staying aside awaiting further confirmations