Trading Edges That Last
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Lawrence’s Comment
Tried to bottom out at 1.0 and failed. Closed the week below 1.0 and at the low of the week.
Outlook
As mentioned last week, loonie is sitting at a critical juncture. Its relative strength over the dollar is mostly a function of the strength in gold.
If the pair can bounce off quickly above 1.0 and that turning into support, then it has likely found a longer term bottom here.
If 1.0 turns into resistance a quick slide down to 0.95-0.96 is in play.
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