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 its attraction cannot be ignored. A flush to 1.00 vs downside wedge breakout to the upside with target Y-0 to B+2 are equally likely.
Breakout play on both ends are just 100 pips. There are better opportunities out there.
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
Aussie was the easy play last week. As Y-0 was breached, the down channel was broken giving us upside target of Y+1 and above. Aussie zoomed back up to ...
Lawrence's Comment
Recap
Bear flag on 4 hours broken to the down side gave us a nice drop to Y-0. Y-0 support led to a run for week high and then breakout ...
USDCAD Jun 17 to Jun 21 Outlook
Lawrence’s Comment
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 its attraction cannot be ignored. A flush to 1.00 vs downside wedge breakout to the upside with target Y-0 to B+2 are equally likely.
Breakout play on both ends are just 100 pips. There are better opportunities out there.
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