Recap Easiest play last week. Failed right at resistance and then collapsed. Got Y-2 in 1 go and no strength to recover since. Y-3 extended target tagged and bounced. Closed the week below Y-1 and near midpoint.
Outlook Mentioned many times here that 1.08 is a long term magic number going way back. Tagged and reacted to is normal. It is not necessary a short term bottom yet.
Wide range week with midpoint close points to consolidation near B-0 with 50% range likely.
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Lawrence's Comment
Recap
Seasonal year end updrift bias did not help the indices one bit. Fiscal cliff became an excuse to dump the indices to new low. Closed the week ...
USDCAD May 12 to May 16 Outlook
Lawrence’s Comment
Easiest play last week. Failed right at resistance and then collapsed. Got Y-2 in 1 go and no strength to recover since. Y-3 extended target tagged and bounced. Closed the week below Y-1 and near midpoint.
Outlook
Mentioned many times here that 1.08 is a long term magic number going way back. Tagged and reacted to is normal. It is not necessary a short term bottom yet.
Wide range week with midpoint close points to consolidation near B-0 with 50% range likely.
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