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
Brexit week NQ headed for Y+1 first, setting the stage for the collapse down to Y-3. No surprise at all. Initial reaction after Brexit on Friday open even tagged ...
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 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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