The dollar versus loonie breached 38.2% correctionto head towards the next chief correction level at 1.0885, which is supposed to stand up against achieving more upside moves. We still hold onto our morning expectationsfor an intraday downside for today; targeting the breach of level 1.0715 and then head towards 1.0600. It is vital that 1.0925 remains intact, to maintain chances of achieving the downside move expected for today. Notice: the possibility of witnessingmixed and volatiletrading for the pairdue to the BoC rate decision at13:00 GMT. We recommend caution throughout trading, when the decision is released.
The trading range for today is among the key support at 1.0565 and the key resistance at 1.1035.
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0300.
|Recommendation||Based on the charts and explanations above our opinion is selling the pair from 1.0885 To 1.0715 and stop loss above 1.0960, might be appropriate|