Technical Analysis for CAD
The negative trading of the pair extended affected by the bearish harmonic Bat Pattern which we think might trigger a bearish correction. Trading below 1.0355 levels will be considered intraday negative, as Relative Strength Index reflects a bearish bias on the pair.
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: 1.0260, 1.0215, 1.0200, 1.0185, 1.0140
Resistance: 1.0310, 1.0355, 1.0385, 1.0420, 1.0445
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.0310 targeting 1.0260, 1.0205 then 1.0185 and stop-loss with four-hour closing above 1.0355 might be appropriate