Recap Upside breakout got Y+3 target quickly. Y+3 turned into support and sent this higher. Stop run took over and cleared 1.37. Closed the week above Y+5 and at week high.
Outlook 350 pips run in Canadian dollar is very rare. Long term bullish view worked out beautifully. More upside is in store with consolidation likely this week. Pullback to Y+5 is normal.
Lawrence's Comment
Recap
Did not stop at the Y-0 resistance. Instead, formed a double top to break back down before Y-0. That ensured Y-1 to be retested. At 100% absolute range ...
USDCAD Dec 14 to Dec 18 Outlook
Lawrence’s Comment
Upside breakout got Y+3 target quickly. Y+3 turned into support and sent this higher. Stop run took over and cleared 1.37. Closed the week above Y+5 and at week high.
Outlook
350 pips run in Canadian dollar is very rare. Long term bullish view worked out beautifully. More upside is in store with consolidation likely this week. Pullback to Y+5 is normal.
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