Recap Y-0 acted as support on first test but failed to hold up loonie afterwards, that opened the door to tag Y-1 and Y-2. Closed the week near Y-2.
Outlook The strong reversal of loonie is a direct result of the news shocks from ECB and Fed.
As Fed scheduled special 2-day meeting this week and that ECB has been actively messing around with the FX markets using news shocks and such. It is a good idea to stay away from pairs like Loonie that are most likely to be impacted by their actions.
Lawrence's Comment
Recap
Dow popped higher yet failed to clear Y+2. Breached Y+1 by end of the week and dropped to Y-0 and below. Closed the week near Y-0 and week low.
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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
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
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 Sep 19 to Sep 23 Outlook
Lawrence’s Comment
Y-0 acted as support on first test but failed to hold up loonie afterwards, that opened the door to tag Y-1 and Y-2. Closed the week near Y-2.
Outlook
The strong reversal of loonie is a direct result of the news shocks from ECB and Fed.
As Fed scheduled special 2-day meeting this week and that ECB has been actively messing around with the FX markets using news shocks and such. It is a good idea to stay away from pairs like Loonie that are most likely to be impacted by their actions.
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