Recap As explained last week, short term low should be in place and it worked out nicely. Y-0 support sent this up to Y+1 and pushed up again but failed to hold above Y+1. Closed the week above Y-0 and near midpoint.
Outlook 3 pushes up pattern suggests consolidation with a retest of B-1 in play. As long as B-1 holds, the short term bottom is intact.
Lawrence's Comment
Recap
Y-0 acted as resistance initially but not strong enough to hold euro down. Clearing Y-0 gave way to retest Y+1. Closed the week near Y+1 and week high.
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USDCAD Jun 29 to Jul 03 Outlook
Lawrence’s Comment
As explained last week, short term low should be in place and it worked out nicely. Y-0 support sent this up to Y+1 and pushed up again but failed to hold above Y+1. Closed the week above Y-0 and near midpoint.
Outlook
3 pushes up pattern suggests consolidation with a retest of B-1 in play. As long as B-1 holds, the short term bottom is intact.
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