3:07 AM
speedtenk
Canadian Dollar (CAD) Technical Major Currencies (2012-04-30)
loonie broke and settled below the consolidation range-bound shown on image; and that hints the bearish continuation scenario is more likely within the upcoming weeks, thus we anticipatedownside pressure to dominate the pair's movements this week, while 0.9950 should remain intact for this scenario to remain valid.
The trading range for this week is expected among the key support at 0.9650 and resistance at 0.9950.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0070.
Previous Report
| Support | 0.9800 | 0.9770 | 0.9750 | 0.9720 | 0.9700 |
| Resistance | 0.9840 | 0.9865 | 0.9900 | 0.9930 | 0.9980 |
| Recommendation | Based on the charts and explanations above, we recommend selling the pair below 0.9865 targeting 0.9800 and 0.9750. Stop loss above 0.9950 | ||||
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