Canadian Dollar (CAD) Technical Major Currencies (2012-02-08)

Trading has been very slow lately, moving within tight ranges however with a downside bias within the short term down trend. The main short term descending channel continues to confine trading and price is approaching the latest low at 0.9928, meanwhile MACD has slowed down lately and continues to be positive, while RSI is negative below 50. Accordingly, we will wait for further confirmations today, as a breach above the channel resistance could lead to short term bullish correction, while a push below 0.9930 could extend the move to 0.9890.

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.

Previous Report

Weekly Report