Trading Edges That Last
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USDCAD Jan 05 to Jan 09 Outlook
Lawrence’s Comment
Breakout mode tested the lower extreme and failed to clear it, gave us the real direction (up). Normal breakout target of 200% the range defined by the boundaries tagged by the end of the week. Closed the week above Y+3 and at week high.
Outlook
As mentioned before, there are several favourite levels Loonie park at against US Dollar. 1.15 was the one turned into support, so 1.18 is in the card all along. Once 1.18 is tagged, this pair will likely react to the zone. Consolidation and pullback to Y+1 / B-0 likely if this week we get a swing top below 1.185
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