Technical Analysis for CAD

Technical Analysis for CAD

The pair rose yesterday and the upside move is getting closer to 1.0355 levels where we can see the bearish harmonic Bat Pattern complete, but we need to see a confirmation of the harmonic pattern before using it. Therefore, we prefer to remain neutral today waiting for confirmation signals.

The trading range for today is between the key support at 1.0120 and the key resistance at 1.0355.

The general trend over short term basis is to the upside with steady daily closing above levels 0.9800 targeting 1.0485.

Support: 1.0290, 1.0260, 1.0205, 1.0145, 1.0100
Resistance: 1.0310, 1.0355, 1.0400, 1.0420, 1.0440

Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move