Technical Analysis for CAD
The pair is trading below 23.6% correction of CD Leg of the bearish harmonic Bat Pattern which might extend the downside move affected by the referred to harmonic pattern and might touch the first target of the pattern represented in 38.2% correction at 1.0455; breaking 1.0455 levels increases the possibility of touching the second target at 1.0385 represented in 61.8%. All these negative expectations requires stability below 1.0565, but today the pair has to stabilize below 1.0530 to keep the bearish possibility.
The trading range for today is between the key support at 1.0385 and the key resistance at 1.0565.
The general trend over short term basis is to the upside with steady daily closing above levels 1.0100 targeting 1.0775.
Support: 1.0470, 1.0455, 1.0420, 1.0400, 1.0385
Resistance: 1.0495, 1.0530, 1.0565, 1.0585, 1.0610
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.0495 targeting 1.0455, 1.0420 then 1.0385 and stop-loss with four-hour closing above 1.0565 might be appropriate