Technical Analysis for CAD
After the downside move of last week, the pair was stuck below Linear Regression Indicators but above the key support level of the ascending channel as shown on graph. Stochastic is showing intraday oversold signals, but RSI is moving below line 50 negatively. Therefore, we prefer to remain neutral, whereas trading between 1.0235 and 1.0335 raises the risk of expecting a trend.
The trading range for this week is between the key support at 1.0100 and the key resistance at 1.0455.
The general trend over short term basis is to the upside with steady daily closing above 1.0100 targeting 1.0775.
Support: 1.0270, 1.0235, 1.0190, 1.0100, 1.0055
Resistance: 1.0300, 1.0335, 1.0385, 1.0420, 1.0455
Recommendation Based on the charts, we prefer to remain neutral waiting for confirmation signals