Technical Analysis for CAD
The pair has stabilized again above Linear Regression Indicators, but is stable also below top D of the bearish harmonic Bat Pattern at 1.0565. Stability between 1.0495 and 1.0565 requires us to be neutral, whereas we need to make sure that the Bat Pattern will continue affecting the pair or the affect ended by touching 23.6% correction and levels around it earlier.
The trading range for today is between the key support at 1.0450 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: 1.0530, 1.0495, 1.0470, 1.0420, 1.0400
Resistance: 1.0565, 1.0585, 1.0610, 1.0640, 1.0680
Recommendation Based on the charts and explanations above, we prefer to remain neutral waiting for confirmation signals