Technical Analysis for CAD

Technical Analysis for CAD

The pair managed to breach the upside key resistance level and the previous top at 1.0339 shown on graph, forcing us to think that there might be further bullishness to test 1.0430 levels. Breaching 1.0430 might push the pair higher towards 1.0540 levels represented in 127.2% and 161.8% Fibonacci shown on graph. Positivity is still valid by stabilizing above 1.0300 levels; if the pair broke 1.0270 again then we might reconsider our expectations.

The trading range for today is between the key support at 1.0215 and the key resistance at 1.0540.

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

Support: 1.0355, 1.0310, 1.0295, 1.0270, 1.0245
Resistance: 1.0385, 1.0430, 1.0450, 1.0475, 1.0540

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0355 targeting 1.0420, 1.0475 then 1.0540 and stop-loss with four-hour closing below 1.0270 might be appropriate