The dollar versus loonie fluctuated at a relatively narrow range since this morning, while the ascending correction for the pair at 23.6% Fibonacci is between 1.0760 – 1.0780. The stochastic is still showing oversold signs, pushing the pair to continue moving to the upside; impeding the completion of the expected downside move. However, we still hold onto our morning expectations that point to achieving a bearish move over an intraday basis, targeting the breach of support levels between 1.0715 – 1.0675 and heading initially towards 1.0400. The downside move will remain intact if 1.0950 is not breached.
The trading range for today is among the key support at 1.0400 and the key resistance at 1.1040.
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0300.
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