Loonie maintains the slow motion; the pair has been stuck within the narrow trading range since weeks, where it formed a possible pennant formation after breaching the main falling wedge pattern. The falling wedge indicate an upside rebound, however the pennant hints continuation of the bearish trend, therefore, we prefer to remain neutral on the pair until we see a directional breakout.
The trading range for today is expected among the key support at 0.9800 and resistance at 1.0100.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9880.
|Recommendation||Based on the charts and explanations above, we recommend staying aside awaiting further confirmations|