Weekly Report (05-09 March 2012)

Loonie couldn't hold below 0.9890 horizontal support, in addition to the main descending support of the bullish falling wedge pattern, while RSI and Stochastic continue to provide a bullish divergence. Accordingly we look for an upside rebound, but we need trading to settle back above the key resistance at 0.9920. For now we will stay aside and monitor trading around this level.

The trading range for this week is expectedamong the key support at 0.9750 and the key resistance at 1.0150.

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

Previous Report

Support0.98800.98500.98000.97700.9750
Resistance0.99000.99250.99500.99801.0020
RecommendationBased on the charts and explanations above our opinion is, staying aside awaiting a trade setup.