Morning Report

Cad reached the targeted area and support at 0.9890 to rebound slightly this morning. In general trading remains within the short term bearish trend. However RSI and Stochastic are pretty neutral hinting the recent ranging stance below the key resistance at 1.0050, meanwhile the pair continues to trade within the bullish reversal falling wedge pattern. Therefore we prefer staying aside this morning awaiting a clearer signal.

The trading range for the day is expected among the key support at 0.9850 and the key resistance at 1.0050.

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

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