Technical Analysis for CAD

Technical Analysis for CAD

The pair achieved a downside move in the past two days affected by its bearish rebound from key resistance level of the ascending channel. Today we think the possibility of a downside move is still valid, whereas momentum indicators are still showing negativity. Trading below 1.0530 is negative and might extend the bearish correction, but we have to see the pair stabilizing today below 1.0475 for this possibility to remain strong.

The trading range for today is between the key support at 1.0355 and the key resistance at 1.0530.

The general trend over short term basis is to the upside with steady daily closing above levels 1.0100 targeting 1.0775.

Support: 1.0420, 1.0355, 1.0310, 1.0300, 1.0270
Resistance: 1.0455, 1.0475, 1.0500, 1.0530, 1.0595

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.0455 targeting 1.0400, 1.0355 then 1.0310 and stop-loss with four-hour closing above 1.0500 might be appropriate