Recap Consolidation at 50% range found support above Y-0 and sent this back up to Y+1. Closed the week near Y+1 and above midpoint.
Outlook Y+1 resistance points to potential bull flag on 4 hours until higher timeframes catch up with the trend change. Clearing B+1 quickly points to melt up play for Y+2 above.
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
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
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
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
Breakdown play started the week. Dropped down to near Y-3 before support is found. Consolidation since in a shortened holiday week. Closed the week below Y-1 and above midpoint.
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USDCAD May 16 to May 20 Outlook
Lawrence’s Comment
Consolidation at 50% range found support above Y-0 and sent this back up to Y+1. Closed the week near Y+1 and above midpoint.
Outlook
Y+1 resistance points to potential bull flag on 4 hours until higher timeframes catch up with the trend change. Clearing B+1 quickly points to melt up play for Y+2 above.
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