Technical Analysis for CAD
The pair is trying to form a positive technical formation above 0.9965 levels as shown on the graph as stability above the referred to level supports the return of positivity. Despite overbought signals on Stochastic. Stability above 0.9965 levels might extend the upside move.
The trading range for today is between the key support at 0.9875 and the key resistance at 1.0120.
The general trend over short term basis is to the downside below levels 1.0125 targeting 0.9400.
Support: 0.9965, 0.9940, 0.9920, 0.9900, 0.9875
Resistance: 1.0005, 1.0040, 1.0095, 1.0100, 1.0120
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.9965 targeting 1.0005, 1.0095 then 1.0120 and stop-loss with four-hour closing below 0.9895 might be appropriate