Technical Analysis for CAD

Technical Analysis for CAD

Despite the pair’s thin trading, it’s still trading above 1.0085 levels as stability above that level forces us to hold on to our positive expectations. Momentum indicators are showing negative signals but Linear Regression Indicators makes us ignore these signals. Note that stabilizing below 1.0025 cancels our positive expectations.

The trading range for today is between the key support at 1.0005 and the key resistance at 1.0205.

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

Support: 1.0100, 1.0085, 1.0055, 1.0025, 1.0005
Resistance: 1.0120, 1.0160, 1.0180, 1.0205, 1.0240

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0085 targeting 1.0120, 1.0160 then 1.0205 and stop-loss with four-hour closing below 1.0025 might be appropriate