Canadian Dollar (CAD) Technical Major Currencies (2012-02-10)

By @ibtimes on

Morning Report

Price touched the main support at 0.9930 before rebounding once more, currently testing the 50 exponential moving average and approaching the top of this short term -shaded- range bound at 0.9990. This sideways trading pushed the pair out of the short term descending channel, accordingly; we will wait for a breach of this range, and above 0.9990 to expect further bullishness.

The trading range for today is expected among the major support at 0.9890 and the major resistance at 1.0075.

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

Previous Report

Weekly ReportSupport0.99300.98900.98600.98300.9800Resistance0.99901.00151.00501.00751.0100RecommendationBased on the charts and explanations above, we recommend buying the pair with hourly closing above 0.9990 targeting 1.0050 and 1.0075 stop loss with hourly closing below 0.9950 OR selling the pair with hourly closing below 0.9928 targeting 0.9890 and 0.9850, with stop loss with hourly closing above 0.9960.

Join the Discussion