Technical Analusos for CAD

The pair failed to stabilize above Linear Regression Indicator 55 pushing it to the downside again to trade below 38.2% correction at 1.0385. Stability below the referred to level is currently accompanied by a negative signal on Stochastic and Linear Regression Indicators are negative. Therefore, we think that a downside move might be formed today, but the pair has to break 1.0330 levels represented in 23.6% correction to trigger the bearish wave.

The trading range for today is between the key support at 1.0215 and the key resistance at 1.0470.

The general trend over short term basis is to the upside with steady daily closing above levels 1.0100 targeting 1.0775.

Support: 1.0355, 1.0330, 1.0300, 1.0270, 1.0235
Resistance: 1.0385, 1.0400, 1.0425, 1.0470, 1.0495

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.0385 targeting 1.0330, 1.0270 then 1.0235 and stop-loss with four-hour closing above 1.0425 might be appropriate

IMOH, Clement I.
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