Loonie successfully breached the descending resistance of the falling wedge pattern; in addition to the 50-days SMA, now price is attempting to retest the main obstacle to the upside at 1.0050 horizontal resistance. Breaching the wedge pattern hints we may see further upside action within the upcoming sessions, and breaking above 1.0050 shall confirm a longer term upside move.
The trading range for the day is expected among the key support at 0.9900 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 0.9950 targeting 1.0000 and 1.0050. Stop loss below 0.9900|