IBT:Canadian Dollar (CAD) Technical Major Currencies (2011-10-28)
Morning Report
The pair declined yesterday affected by the breach of the ascending channel shown in Green, and currently, the pair founded base above 61.8% Fibonacci correction as shown above at 0.9880, and then rebounded to confirm a strong support level. We expected an upside movement today, while a breach of 0.9850 negates our expectation.
The trading range for today is among the major support at 0.9825 and the major resistance at 1.0255.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.