Technical Analysis for CAD

 
Technical Analysis for CAD
 
Stabilizing below 1.0165 is negative as it might extend the intraday bearish move. Meanwhile, the pair is getting closer to key support level of the ascending channel residing between 1.0100 and 1.0055 levels which might give the pair bullish momentum again. Therefore, the upside move might return this week unless the pair breaks 1.0055 levels and stabilizes below it.
 
The trading range for this week is between the key support at 0.9960 and the key resistance at 1.0265.
 
The general trend over short term basis is to the upside with steady daily closing above levels 0.9800 targeting 1.0485.
 
Support: 1.0100, 1.0075, 1.0055, 1.0015, 0.9980
Resistance: 1.0165, 1.0185, 1.0200, 1.0215, 1.0265
 
Recommendation Based on the charts and explanations above, our opinion is buying the pair around 1.0100 targeting 1.0165, 1.0200 then 1.0265 and stop-loss at four-hour closing below 1.0015 might be appropriate this week