Recap Waiting mode in the beginning of the week for Bank of Canada rate decision. The announcement induces the pair to break below its tight range and eventually led to the breakdown to Y-2 before we got a bounce. Closed the week near week low and below Y-1.
Outlook Once again US dollar failed to gain its foot hold against Loonie. Down side support is right here at B-1 / Y-2. If the pair is going higher, we need to see this price level hold for a quick pop above B-0. It will then signal a run to B+2 or par.
Without the setup in place, we are looking at slow drift consolidation here between 0.99 and 0.98 til the holiday season is over.
Lawrence's Comment
Recap
Dow consolidated around Y-0 until FOMC announcement. After announcement Dow rushed to 100% absolute range expansion target and stalled from there. Closed the week above Y-0 and near midpoint.
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Lawrence's Comment
Recap
Strongest of the 3 indices - upside range expansion followed fib ratio instead of the more structured 50%. That tells us the rally is getting emotional. Closed the ...
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
Lawrence's Comment
Recap
I thought the backfill back down to Y-1 was going to be choppy. Instead, we got this clean directional slide all the way down. Cleared Y-1 easily and then ...
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 Dec 10 to Dec 14 Outlook
Lawrence’s Comment
Waiting mode in the beginning of the week for Bank of Canada rate decision. The announcement induces the pair to break below its tight range and eventually led to the breakdown to Y-2 before we got a bounce. Closed the week near week low and below Y-1.
Outlook
Once again US dollar failed to gain its foot hold against Loonie. Down side support is right here at B-1 / Y-2. If the pair is going higher, we need to see this price level hold for a quick pop above B-0. It will then signal a run to B+2 or par.
Without the setup in place, we are looking at slow drift consolidation here between 0.99 and 0.98 til the holiday season is over.
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