Trading Edges That Last
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USDCAD Jan 25 to Jan 29 Outlook
Lawrence’s Comment
Consolidation actions around Y+1 as expected. Resistance mentioned last week stopped the push higher. FBO against Y+1 sent this straight down until 100% absolute range expansion was reached. Closed the week near Y-1 and week low.
Outlook
The thin up channel was not sustainable and this sharp pullback is expected. Weekly support at 1.40. Consolidation at weekly timeframe likely, meaning that we are going to get 2-way swings for weeks to come.
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