Loonie reached the support area among 0.9870-0.9840, meanwhile stochastic has dipped deeply within oversold area, while the overall ranging market continues to be intact. Therefore, we another upside rebound from this area is likely; otherwise a break below 0.9840 could signal a major breakout.
The trading range for today is expected among the key support at 0.9830 and resistance at 1.0050.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9900.
|Recommendation||Based on the charts and explanations above we recommend, buying the pair above 0.9840 targeting 1.0000 and 1.0050. Stop loss below 0.9830.|