The pair as mentioned in our previous weekly report last week has formed a symmetrical triangle, which was awaited to push the pair to resume the bullish trend; however, trading today opened negative and was able to breach the upside channel’s support level at 1.4000 since the pair is currently below it. Meanwhile, the symmetrical triangle’s retest level represents strong support in front of more downside movement supported by bullish signs on momentum indicators. Crossover signs make us recommend observing trading today, specifically for sensitive levels represented as support 1.3910 and resistance 1.4000.

The trading range for today is among the key support at 1.3190 and the key resistance at 1.4365.

The short term trend is to the upside as far as 1.3140 remains intact with targets at 1.5135.

Support 1.3910 1.3860 1.3805 1.3725 1.3690

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Resistance 1.4000 1.4085 1.4160 1.4230 1.4280

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Recommendation Based on the charts and explanation above our opinion is observing the pair’s movement to insure its upcoming direction.

The cable was unable to surpass 76.4% Fibonacci shown above, where it reversed to trade to the downside as we expect it to retest the previously breached pivotal resistance at 1.6000. Momentum indicators support the current descend, but in overall we expect a bullish trend this week since 1.6000 has enough strength to push the pair to the upside to meet with SMA 100 at this level. Key targets start with the breach of 1.6250 then head towards 1.6450, but keep in mind that in order for the expected upside trend to prevail, the daily closing should remain above 1.6000.

The trading range for today is among the key support at 1.5865 and the key resistance at 1.6450.

The short term trend is to the downside as far as 1.5610 remains intact with targets at 1.7000.

Support 1.6110 1.6040 1.6000 1.5965 1.5900

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Resistance 1.6185 1.6250 1.6310 1.6345 1.6400

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Recommendation Based on the charts and explanations above our opinion is buying the pair around 1.6000 targeting 1.6250 and stop loss below 1.5865, might be appropriate.

The pair is moving within the minor ascending channel since it was able to record the bottom level at 80.24, although we expected that trading within this channel is temporary as we await to resume the bearish short term direction. Stochastic is giving off negative sings that support expectations; therefore, we expect an overall bearish direction this week as long as a clear breach of 80.70 is initially achieved, secondly the daily closing must build a base below 82.65.

The trading range for today is among the key support at 78.40 and the key resistance at 82.65.

The short term trend is to the downside as far as 91.55 remains intact with targets at 77.70.

Support 80.70 80.25 79.60 79.20 78.40

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Resistance 81.80 82.35 82.65 83.45 84.00

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Recommendation Based on the charts and explanations above our opinion is selling the pair with a break of 80.70 targeting 78.40 and stop loss above 81.80, might be appropriate.

The pair is moving within the minor ascending channel since it was able to record the bottom level at 80.24, although we expected that trading within this channel is temporary as we await to resume the bearish short term direction. Stochastic is giving off negative sings that support expectations; therefore, we expect an overall bearish direction this week as long as a clear breach of 80.70 is initially achieved, secondly the daily closing must build a base below 82.65.

The trading range for today is among the key support at 78.40 and the key resistance at 82.65.

The short term trend is to the downside as far as 91.55 remains intact with targets at 77.70.

Support 80.70 80.25 79.60 79.20 78.40

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Resistance 81.80 82.35 82.65 83.45 84.00

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Recommendation Based on the charts and explanations above our opinion is selling the pair with a break of 80.70 targeting 78.40 and stop loss above 81.80, might be appropriate.

The loonie continues trading within the downside channel shown above, after facing minor resistance 1.0035 as the pair gets ready for a bearish lean but constantly finds a hard time surpassing the psychological barrier at 1.0000. Momentum indicators still show bullish signs which could maintain fluctuation around the mentioned level, but in overall we expect a bearish trend over the week targeting 0.9925 initially and then 0.9815. In return, keep in mind that resuming these expectations requires the daily closing to remain below 1.0100.

The trading range for today is among the key support at 0.9750 and the key resistance at 1.0190.

The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.

Support 1.0000 0.9970 0.9925 0.9875 0.9815

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Resistance 1.0035 1.0100 1.0190 1.0220 1.0275

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Recommendation Based on the charts and explanations above our opinion is selling the pair around 1.0035 targeting 0.9815 and stop loss above 1.0190, might be appropriate.