Technical Analysis for CAD

Technical Analysis for CAD

The pair is hovering around psychological barrier 1.0000 as we see Linear Regression Indicators (LRI) negatively crossed and is showing a bearish move. Despite that Stochastic is showing oversold signals, LRI are moving to the downside indicating a negative bias. Therefore, the pair might extend the bearish move; since the pair failed to breach 1.0085 levels, the possibility remains valid while stability below 1.0000 levels today strengthens the possibility.

The trading range for today is between the key support at 0.9900 and the key resistance at 1.0085.

The general trend over short term basis is to the downside with daily closing below levels 1.0125 targeting 0.9400.

Support: 0.9980, 0.9965, 0.9940, 0.9920, 0.9900
Resistance: 1.0030, 1.0055, 1.0085, 1.0100, 1.0120

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.0020 targeting 0.9980, 0.9965 then 0.9920 and stop-loss with four-hour closing above 1.0055 might be appropriate