USDCAD Aug 19 to Aug 23 Outlook

By News Robot

Lawrence’s Comment

Recap
Expected a retest of the support zone below Y-1 but loonie just refused to get there. Popped right off previous week close and back up to Y-0. Then reacted violently back down yet bounced off from a higher low and keep trying to push higher. Closed the week above midpoint and below Y-0.

Outlook
Not quite spike and ledge pattern. Not a properly formed double bottom either. Messy setup going into next week.

Considering only chart pattern, we have a bear flag / ledge type formation that points to continuation. Since this pair had a drop from Y+1 down to Y-1 before entering this consolidation, the continuation move points to below B-2 down to Y-2.

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