Recap Y-1 acted as support. Bounced back up to Y-0 and found resistance. Dropped to equal distance below previous week close. Closed the week near Y-1 and below midpoint.
Outlook Consolidation week with close near Y-1 and midpoint is normal after a strong trending week. Continuation to the down side is possible if B-0 acts as resistance. A 3rd push down to 1.28 / Y-2 zone may lead to stronger reaction to the upside.
For 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 schedule
Lawrence's Comment
Recap
The expected messy drift towards our resistance zone covered most part of the week. Once the resistance zone was tagged, a quick selloff took the pair back down ...
For 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 schedule
USDCAD Oct 19 to Oct 23 Outlook
Lawrence’s Comment
Y-1 acted as support. Bounced back up to Y-0 and found resistance. Dropped to equal distance below previous week close. Closed the week near Y-1 and below midpoint.
Outlook
Consolidation week with close near Y-1 and midpoint is normal after a strong trending week. Continuation to the down side is possible if B-0 acts as resistance. A 3rd push down to 1.28 / Y-2 zone may lead to stronger reaction to the upside.
Share