Technical Analysis for CAD

Technical Analysis for CAD

In the bullish attempt we witnessed last week, the pair failed to stabilize above Linear Regression Indicators and above top D of the bearish harmonic Bat Pattern at 1.0565. Therefore, the possibility of the downside move is still valid. Breaking 23.6% correction at 1.0495 will confirm extending bearishness.

The trading range for this week is between the key support at 1.0335 and the key resistance at 1.0640.

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

Support: 1.0495, 1.0455, 1.0430, 1.0385, 1.0335
Resistance: 1.0530, 1.0565, 1.0595, 1.0610, 1.0640

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.0530 targeting 1.0455, 1.0430 then 1.0385 and stop-loss at four-hour closing above 1.0595 might be appropriate this week