Recap Up trend line on 4 hour breached early in the week. This led to Y-1 and a test of the wide range bar below where the breakout started 2 weeks ago. Shorts scrambled to cover on this first opportunity to scratch their trades. Closed the week back up near Y+1 and week high.
Outlook Weekly up trend intact with more upside expected. I will not be surprised if BOC will intervene (like jawboning) if 1.32 is breached.
Lawrence's Comment
Recap
ES cleared Y+1 boundary giving us a breakout up to almost Y+2. Reversed below and flushed back down to Y-0. Struggled to find a bottom since. Closed the week ...
Lawrence's Comment
Recap
Consolidation actions with equal distance from Y-1. 1.40 longer term support tested from above. Closed the week below Y-1 and near week low.
Outlook
Up channel breakdown target tagged. ...
USDCAD Aug 03 to Aug 07 Outlook
Lawrence’s Comment
Up trend line on 4 hour breached early in the week. This led to Y-1 and a test of the wide range bar below where the breakout started 2 weeks ago. Shorts scrambled to cover on this first opportunity to scratch their trades. Closed the week back up near Y+1 and week high.
Outlook
Weekly up trend intact with more upside expected. I will not be surprised if BOC will intervene (like jawboning) if 1.32 is breached.
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