Recap Test of Y+1 rejected. Dropped back down to Y-0 and found support. 2nd attempt led to all out selloff back down to 100% absolute range expansion. Found support there again and bounced back up. Closed the week near Y+1 and above midpoint.
Outlook Thanksgiving week in US will slow down currency trading a lot. In fact, this is the start of the holiday season for which trading in many markets will get lower volume and reduced volatility. If we see consolidation actions this week again with further gain into the 1.34 area, another upside break will carry this up to 1.36 area quickly.
Lawrence's Comment
Recap
Y-1 rejected in the beginning of the week leading to a run to Y-0 / open gap resistance zone. Dow failed to stay above Y-0 giving us a go ...
USDCAD Nov 23 to Nov 27 Outlook
Lawrence’s Comment
Test of Y+1 rejected. Dropped back down to Y-0 and found support. 2nd attempt led to all out selloff back down to 100% absolute range expansion. Found support there again and bounced back up. Closed the week near Y+1 and above midpoint.
Outlook
Thanksgiving week in US will slow down currency trading a lot. In fact, this is the start of the holiday season for which trading in many markets will get lower volume and reduced volatility.
If we see consolidation actions this week again with further gain into the 1.34 area, another upside break will carry this up to 1.36 area quickly.
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