Technical Analysis for CAD

Technical Analysis for CAD

The pair managed to achieve a four closing above 23.6% correction at 1.0330 which is positive and could push the pair further to the upside. Trading above the referred to level might extend bullishness with targets starting at 50% correction residing at 1.0425, which the pair failed to stabilize on in its first attempt. Breaching the aforementioned level might trigger a stronger upside rally towards 61.8% correction and perhaps 78.6% at 1.0530 as shown on graph.

The trading range for today is between the key support at 1.0270 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: 1.0330, 1.0300, 1.0270, 1.0240, 1.0215
Resistance: 1.0385, 1.0400, 1.0425, 1.0470, 1.0495

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0350 targeting 1.0400, 1.0470 then 1.0530 and stop-loss with four-hour closing below 1.0300 might be appropriate