Technical Analysis for CAD

Technical Analysis for CAD

The pair dropped yesterday affected by the bearish harmonic Bat Pattern touching the minor support represented in 23.6% correction of the CD Leg at 1.0215 levels. The possibility of extending the bearish move is valid, whereas the first target of the harmonic pattern resides at 1.0140 of 38.2% correction if the referred to leg.

The trading range for today is between the key support at 1.0140 and the key resistance at 1.0355.

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

Support: 1.0315, 1.0200, 1.0185, 1.0140, 1.0100
Resistance: 1.0260, 1.0290, 1.0310, 1.0355, 1.0385

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.0260 targeting 1.0215, 1.0185 then 1.0140 and stop-loss with four-hour closing above 1.0310 might be appropriate