Recap As expected, Canadian dollar consolidated around Y-1 with downside bias. Closed the week around Y-1 and below midpoint.
Outlook No strong directional bias because loonie is so close to par level its attraction cannot be ignored. A flush to 1.00 vs downside wedge breakout to the upside with target Y-0 to B+2 are equally likely.
Breakout play on both ends are just 100 pips. There are better opportunities out there.
Lawrence's Comment
Recap
Sold off as expected to our downside target from resistance zone. Closed the week below Y-1 and midpoint.
Outlook
Y-0 down to B-0 is now resistance zone.
Failure to ...
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Lawrence's Comment
Recap
Cable tried to hold Y-0 yet flushed through. Then the crime scene right below held it up and force cable back above Y-0 and produced a squeeze up to ...
USDCAD Jun 17 to Jun 21 Outlook
Lawrence’s Comment
As expected, Canadian dollar consolidated around Y-1 with downside bias. Closed the week around Y-1 and below midpoint.
Outlook
No strong directional bias because loonie is so close to par level its attraction cannot be ignored. A flush to 1.00 vs downside wedge breakout to the upside with target Y-0 to B+2 are equally likely.
Breakout play on both ends are just 100 pips. There are better opportunities out there.
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