Technical Analysis for CAD
Despite the pair's attempt to the upside yesterday, it remained limited below 1.0355 levels which is the Potential Reversal Zone of the bearish harmonic Bat Pattern that might trigger a bearish correction. Negativity is still valid but the pair has to stabilize below 1.0265 levels to strengthen this possibility.
The trading range for today is between the key support at 1.0140 and the key resistance at 1.0445.
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, 1.0265, 1.0215, 1.0200, 1.0185
Resistance: 1.0355, 1.0385, 1.0420, 1.0445, 1.0475
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.0355 targeting 1.0205, 1.0185 then 1.0140 and stop-loss with four-hour closing above 1.0310 might be appropriate