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Lawrence's Comment Recap As expected, Canadian dollar consolidated around Y-1 with downside bias. Closed the week around Y-1 and below midpoint. Outlook No strong directional bias because loonie is so close to par level ...READ MOREFor more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time scheduleREAD MOREFor more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time scheduleREAD MORE3DP Odds Table (USDCAD) 2021-05-06Hot n Cold (USDCAD) 2012-11-12Intraday Cycle Projection (USDCAD) 2018-04-023DP Odds Table (USDCAD) 2018-04-11Hot n Cold (USDCAD) 2011-11-23USDCAD Jun 17 to Jun 21 Outlook3DP Odds Table (USDCAD) 2017-06-13Precog Vision – Forex 2013-9-11USDJPY Dec 12 to Dec 16 OutlookPrecog Vision – Forex 2017-12-29
As Featured In
USDCAD Jan 26 to Jan 30 Outlook
Lawrence’s Comment
Was consolidating until BOC surprised the world with a rate cut. Surprise breakout target of 200% range expansion tagged by the end of the week. Closed the week above Y+4 and near week high.
Outlook
Canada is an exporter of natural resources and rate cut does not improve its competitiveness in those markets even though Loonie took a direct hit. Long term negative impact on economic growth will be felt in 6 months.
More upside likely this week as many shorts are trapped. 1.26 is next mild resistance zone that may put a pause to the run.
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