Technical Analysis for CAD

Technical Analysis for CAD

The pair traded in a tight range yesterday and during the Asian trading session today. The trading range of the pair is still limited below Linear Regression Indicators and above the key support level of the ascending channel. Stability between 1.0235 and 1.0335 forces us to prefer to be neutral in this report, whereas the pair has to get out of this range to prefer another move.

The trading range for today is between the key support at 1.0120 and the key resistance at 1.0455.

The general trend over short term basis is to the upside with steady daily closing above 1.0100 targeting 1.0775.

Support: 1.0275, 1.0235, 1.0215, 1.0200, 1.0190
Resistance: 1.0335, 1.0365, 1.3038, 1.0400, 1.0420

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