Technical Analysis For CAD

The pair maintains stability below 1.0300 that represents the main factor of extending the intraday expectations of a downtrend, while momentum indicators are gradually losing the positive momentum. Therefore, the downside move remains favored and valid, while the initial targets starts at 1.0200 then 1.0160 levels.

The trading range for this week is between the key support at 1.0100 and the key resistance at 1.0400.

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

Support: 1.0270, 1.0235, 1.0200, 1.0160, 1.0100
Resistance: 1.0300, 1.0330, 1.0400, 1.0450, 1.0500

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.0300 targeting 1.0270, 1.0235 then 1.0200 and stop-loss with four-hour closing above 1.0355 might be appropriate this week

IMOH, Clement I.
+234 802 905 9344
+234 703 569 1707