The sideway trading for the dollar versus loonie pair caused the pair to breakout of the downside channel, shown on the chart above; whereas, this calm ascend and breach is facing 38.2% Fibonacci,in addition tothe negative pressure from Stochastic. Therefore,we maintain our morning expectationsfor a downsidemove overintraday basis, where the first target is breaching level 1.0715 to openthe way towards 1.0600, initially. It is crucial that the pair does not breach 1.0925, to maintain chances of achieving this downside move.
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||Our morning expectation remains valid|