USDCAD Feb 02 to Feb 06 Outlook

By News Robot

Lawrence’s Comment

Recap
As expected Loonie continues to weaken. 1.26 did not stop the run at all. Until 1.28 was touched. Closed the week at Y+2 and above midpoint.

Outlook
The weekly and monthly chart is pointing to a test or even breakout above the 1.31 year 2008 high. Given the context, shorter term signals in the opposite direction will have difficulty working out. This is similar to what happened to Euro when it started to slide last year. Once the key level on weekly and monthly give in, it is not a good idea to counter the trend until the higher timeframe objectives are met.

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