Recap Was consolidating until BOC surprised the world with a rate cut. Surprise breakout target of 200% range expansion tagged by the end of the week. Closed the week above Y+4 and near week high.
Outlook Canada is an exporter of natural resources and rate cut does not improve its competitiveness in those markets even though Loonie took a direct hit. Long term negative impact on economic growth will be felt in 6 months.
More upside likely this week as many shorts are trapped. 1.26 is next mild resistance zone that may put a pause to the run.
Lawrence's Comment
Recap
FBO against Y-1 happened and then head and shoulder bottom was formed on 4 hour. Y-0 cleared and crime scene above where the breakdown started was revisited. Closed the ...
Lawrence's Comment
Recap
As expected ninja consolidation within Y-0 and Y+1 first. Once Y-0 was breached, we get a go for Y-1. Y-1 tagged and breached by a flush. Closed the week ...
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
USDCAD Jan 26 to Jan 30 Outlook
Lawrence’s Comment
Was consolidating until BOC surprised the world with a rate cut. Surprise breakout target of 200% range expansion tagged by the end of the week. Closed the week above Y+4 and near week high.
Outlook
Canada is an exporter of natural resources and rate cut does not improve its competitiveness in those markets even though Loonie took a direct hit. Long term negative impact on economic growth will be felt in 6 months.
More upside likely this week as many shorts are trapped. 1.26 is next mild resistance zone that may put a pause to the run.
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