Recap FBO against Y+1 gave us a drop back down to Y-0 and then lower. 100% range expansion stopped the down move. Closed the week near Y-0 and midpoint.
Outlook Same problem like past several weeks that Loonie is still range bounded. Until we get a move outside of this range, there is no directional play.
Lawrence's Comment
Recap
As mentioned last week, downtrend has established. Resistance zone worked out as expected, sending Aussie down to Y-5.
Outlook
Downtrend intact.
The range expansion from last week created an oversold ...
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USDCAD Jul 18 to Jul 22 Outlook
Lawrence’s Comment
FBO against Y+1 gave us a drop back down to Y-0 and then lower. 100% range expansion stopped the down move. Closed the week near Y-0 and midpoint.
Outlook
Same problem like past several weeks that Loonie is still range bounded. Until we get a move outside of this range, there is no directional play.
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