Technical Analysis for CAD
The pair is witnessing great volatility which is limited below top D of the bearish harmonic Bat Pattern. Therefore, the possibility of a new bearish attempt is valid today as long as the pair is stable below 1.0565. RSI is still moving in a bearish bias, but breaking line 50 to the downside supports our expectations.
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: 1.0495, 1.0470, 1.0420, 1.0400, 1.0385
Resistance: 1.0535, 1.0565, 1.0610, 1.0640, 1.0680
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.0535 targeting 1.0495, 1.0470 then 1.0450 and stop-loss with four-hour closing above 1.0565 might be appropriate