The Dollar versus Loonie pair touched the key resistance for the upside channel that it is currently trading within, and reversed to the downside towards the pivot support at 1.0945. The resistance level, colored in red in the above image, should reverse the pair to the downside to enter the key downside channel, yet a weekly close below 1.0945 is needed. We expect the pair to decline on the intraday basis to reach 1.0880 as far as 1.1130 is intact.
The trading range for today is among the key support at 1.0625 and the key resistance at 1.1320
The general trend is o 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 with the breach of 1.1020 to 1.0880 and stop loss above 1.1130 might be appropriate.|