Technical Analysis for CAD
The pair moved to the upside during yesterday’s session and is trading now with some positivity. The upside move is still limited below Potential Reversal Zone of the bearish harmonic Bat Patter at 1.0355 levels, as trading below it is negative. As for today, trading below 1.0295 levels will be considered negative and stability below it might push the pair again to the downside.
The trading range for today is between the key support at 1.0120 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: 1.0260, 1.0215, 1.0200, 1.0185, 1.0140
Resistance: 1.0295, 1.0310, 1.0355, 1.0385, 1.0420
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.0290 targeting 1.0215, 1.0185 then 1.0140 and stop-loss with four-hour closing above 1.0355 might be appropriate