USDCAD Jun 18 to Jun 22 OutlookBy on 2012 Jun 16 Sat 7:05:38
Continue the consolidation process as expected. Test of Y-1 resulted in a bounce to Y-0 then slow drift back down to Y-1. Closed the week near week low.
A clear resistance line has developed over the past 2 weeks. A clean breakout above B-0 which also holding above the resistance line will produce a rally back to B+2.
Failing to breakout upside points to B-2 in play as it is likely to take a flush to take out the weak longs.