Recap FBO (false breakout) early in the week gave us Y-1 as the downside target. That worked out quickly and tagged Y-2 before the pair can find support. Closed the week below Y-1.
Outlook The FBO caught me by surprise as we have a pretty bullish setup in the beginning. The rest of the week is just pure STOPD swing.
This downside swing has created doubt in many whether US dollar can hold its ground anymore against Loonie.
Should B-0 acts as resistance and produces a 1-2-3 sell breaking B-1, this support zone will be destroyed. Next weekly/monthly support zone below is quite far away.
Need PA confirmation from the coming week to decide whether to stay bullish long term on this pair.
Lawrence's Comment
Recap
Wedge broken to the upside, retest the wedge resistance trend line from above. Strong bounce up to first swing resistance and stalled. Closed the week below Y-1 and near ...
Lawrence's Comment
Recap
Measured up move early in the week has many fooled as if a bottom is in place. The end of the measured up resulted in a quick drop ...
Lawrence's Comment
Recap
NQ was the strongest going into the week and its strength helped staging a double bottom right from the beginning of the week to break above Y+1 ...
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 Mar 05 to Mar 09 Outlook
Lawrence’s Comment
FBO (false breakout) early in the week gave us Y-1 as the downside target. That worked out quickly and tagged Y-2 before the pair can find support. Closed the week below Y-1.
Outlook
The FBO caught me by surprise as we have a pretty bullish setup in the beginning. The rest of the week is just pure STOPD swing.
This downside swing has created doubt in many whether US dollar can hold its ground anymore against Loonie.
Should B-0 acts as resistance and produces a 1-2-3 sell breaking B-1, this support zone will be destroyed. Next weekly/monthly support zone below is quite far away.
Need PA confirmation from the coming week to decide whether to stay bullish long term on this pair.
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