Loonie rebounded from our entry level at 0.9890 to test areas around 0.9950, meanwhile the trading range among the falling wedge is getting narrower, hinting either we see a breakout soon, or the ranging stance grabs the pair out of the formation. Stochastic almost crossed over positively, while RSI is attempting to breach above 50 level. In general, we still hold onto our bullish expectations for the pair.
The trading range for the day is expected among the key support at 0.9850 and the key resistance at 1.0080.
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 around 0.9890 targeting 1.0000 and 1.0080. Stop loss below 0.9825.|