Technical Analysis for CAD
The pair dropped for the second session respectively but did not exceed 130 pips from this week’s top; the drop also did not break 1.0270. Therefore, we think that the bullish move might return soon especially that the pair is closer to Linear Regression Indicators that are trading positively.
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: 1.0300, 1.0270, 1.0245, 1.0215, 1.0200
Resistance: 1.0355, 1.0385, 1.0400, 1.0430, 1.0450
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0300 targeting 1.0355, 1.0385 then 1.0450 and stop-loss with four-hour closing below 1.0270 might be appropriate