Technical Analysis for CAD

Technical Analysis for CAD

The pair is trading below 23.60% correction CD Leg of the bearish harmonic Bat Pattern leading to the first target of the pattern at 1.0140 represented in 37.2% correction. Trading below 1.0260 today might extend negativity.

The trading range for today is between the key support at 1.0100 and the key resistance at 1.0295.

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

Support: 1.0185, 1.0140, 1.0100, 1.0085, 1.0055
Resistance: 1.0200, 1.0215, 1.0260, 1.0295, 1.0310

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.0200 targeting 1.0185, 1.0140 then 1.0100 and stop-loss with four-hour closing above 1.0260 might be appropriate