International Edition | Monday, May 21, 2012 11:37 AM EDT

Canadian Dollar (CAD) Technical Major Currencies (2012-02-09)

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09 February 2012 @ 02:27 am EDT

Morning Report

The pair's bullish attempts were halted at 0.9990 intraday resistance, to reverse to the downside again attempting towards the lows at 0.9930. The trading range for the pair continues to be narrow among 0.9930-0.9990, for now, we will anticipate a breakout of this trading range, either above 0.9990 or below 0.9930 to decide the next possible destination.

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


Support	0.9930	0.9890	0.9850	0.9820	0.9800

Resistance	0.9990	1.0015	1.0050	1.0075	1.0100

Recommendation	Based on the charts and explanations above, we recommend selling the pair with hourly closing below 0.9928 targeting 0.9890 and 0.9850, with stop loss with hourly closing above 0.9960 OR buying the pair with hourly closing above 0.9990 targeting 1.0050 and 1.0075 stop loss hourly closing below 0.9950.