Recap Tried to bottom out at 1.0 and failed. Closed the week below 1.0 and at the low of the week.
Outlook As mentioned last week, loonie is sitting at a critical juncture. Its relative strength over the dollar is mostly a function of the strength in gold.
If the pair can bounce off quickly above 1.0 and that turning into support, then it has likely found a longer term bottom here.
If 1.0 turns into resistance a quick slide down to 0.95-0.96 is in play.
Lawrence's Comment
Recap
Tried hard to produce the extreme bearish formation of Y-1 acting as resistance and failed to do so. That points to a retest of previous close area that ...
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
Consolidated around Y+1 all week. No real direction. Closed the week below Y+1 and above midpoint.
Outlook
As mentioned last week, euro on weekly close basis as long as it cannot ...
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
Mentioned last week, a potential turning point is in place and we got that. Talking about precision in timing! As it is a weekly level turning point, monthly ...
USDCAD Feb 06 to Feb 10 Outlook
Lawrence’s Comment
Tried to bottom out at 1.0 and failed. Closed the week below 1.0 and at the low of the week.
Outlook
As mentioned last week, loonie is sitting at a critical juncture. Its relative strength over the dollar is mostly a function of the strength in gold.
If the pair can bounce off quickly above 1.0 and that turning into support, then it has likely found a longer term bottom here.
If 1.0 turns into resistance a quick slide down to 0.95-0.96 is in play.
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