CAD has reached very close the to ceiling of this falling wedge formation, in addition to the pivotal horizontal resistance around 1.0050. Meanwhile price ended yesterday's session above the 200-days average, while momentum indicators are pointing upwards. Thus we anticipate a breach above the aforementioned resistance level around 1.0050 to look for continuation of the rally.
The trading range for the day is expectedamong the key support at 0.9900 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.
|Recommendation||Based on the charts and explanations above we recommend, buying the pair with hourly closing above 1.0055 targeting 1.0145 and 1.0250. Stop loss below 0.9980.|