Technical Analysis for CAD

Technical Analysis for CAD

The downside move extended till the pair reached the second target of the bearish harmonic Bat Pattern represented in 1.0015 at 61.8% correction of CD Leg of the pattern. Linear Regression Indicators are still negative but Stochastic has entered oversold areas, these are mixed signals that force us to prefer to be neutral today to see how the pair would react around the referred to target and the psychological level at 1.0000.

The trading range for today is between the key support at 0.9875 and the key resistance at 1.0100.

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

Support: 1.0015, 1.0005, 0.9980, 0.9965, 0.9940
Resistance: 1.0030, 1.0080, 1.0100, 1.0140, 1.0185

Recommendation Based on the charts and explanations above, we prefer to remain neutral waiting for confirmation signals