Technical Analysis for CAD

Technical Analysis for CAD

Despite the pair’s thin trading, we find the pair trading below 1.0075–80 which is negative according to harmonic analysis rules. The aforementioned might push the pair to test the second target of the bearish harmonic Bat Pattern at 1.0015 and perhaps further reaching around 0.9925 if levels 1.0015 were broken. Linear Regression Indicators are negative supporting negativity but momentum indicators reflect possibility of high volatility and perhaps some upside corrections. Stability below 1.0140 is necessary to keep the negative outlook.

The trading range for today is between the key support at 0.9925 and the key resistance at 1.0140.

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

Support: 1.0030, 1.0015, 1.0005, 0.9980, 0.9965
Resistance: 1.0080, 1.0100, 1.0140, 1.0185, 1.0200

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.0080 targeting 1.0030, 1.0015 then 0.9965 and stop-loss at four-hour closing above 1.0100 might be appropriate today