USDCAD Mar 07 to Mar 11 Outlook
Feb close did not even attempt to hold up at Y-1 and slided to 50% downside expansion target at Y-2. The bounce was stopped right at Y-1 with strong reaction confirming the weaknesses. Closed the week below midpoint.
As mentioned last week, Canadian dollar chose to close lower means monthly STOPD levels in play. As long as Y-1 to B+2 acting as resistance zone, more downside moves are expected. Y-3 (not shown in chart) is the likely first target as it is also the monthly target area.