Canadian Dollar (CAD) Technical Major Currencies (2011-02-14)
February 14, 2011 6:59 PM EST
Weekly Report February / 14 - 18 / 2011
The downside channel's resistance level's resistance level succeeded in forcing the pair to start the awaited bearish wave, supporting this resistance is the MA 50 along with the negativity on stochastic. The pair is presently attacking the support level within the sideway range highlighted in yellow in the image above around 0.9840, where breaching it will make the pair's mission easier in resuming the expected weekly bearish trend; targeting 0.9700 then 0.9600. Note the importance of stability of the daily closing below 0.9960 - 1.0000 to insure that expectations prevail.
The trading range for this week is among the key support at 0.9600 and the key resistance at 1.0055.
The short term trend is to the upside as far as 1.0665 remains intact with targets at 0.9000.
|Recommendation||Based on the charts and explanations above our opinion is selling the pair with the breach of 0.9840 targeting 0.9650 and stop loss above 0.9960, might be appropriate.|