Canadian Dollar (CAD) Technical Major Currencies (2012-02-07)

The pair has been fluctuating with narrow ranges recently, within the descending short term channel shown on image, while MACD indicator continues to provide a bullish divergence over the four-hour timeframe, and momentum indicators are within oversold areas over the four-hour and daily intervals. Therefore we continue to expect a bullish correction within the coming period. While 0.9890 should remain intact over daily closing basis for the correction to remain probable.

The trading range for today is expected among the major support at 0.9890 and the major resistance at 1.0075.

The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.

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