By: Colin Jessup
The Loonie has been trading around the Monthly Pivot at 0.99483 since January 29 of this year, trading a range between highs of roughly 1.0050 and lows of 0.9860. Last week the pair printed a pin bar indicating a possible move higher and true to form the pair has traded as high as 1.0511. The key for this pair will be to break and close above the Monthly R1 and a descending trend-line intersecting at about 1.0111, otherwise a fall back inside the previously mentioned range is imminent, with the next stop being a ascending trend-line at 0.9913 and the Monthly S1 at 0.9863. If the pair can close lower than 0.9913, the Greenback may lose the battle and find the Loonie advancing once again. Intraday Support can be found at 1.0009 and 0.9998 with Intraday Resistance at 1.0030 aka the Daily Pivot and 1.0041 which is the Daily M4. Price is currently trading at the Weekly R1, turned now to support at 1.0015 with just over an hour remaining until the London Markets open. If this level holds we will most likely see the Weekly R2 tested at 1.0061 or higher later in the day.
Happy Trading!