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USDCAD Apr 06 to Apr 10 Outlook
Lawrence’s Comment
Breakout above Y+1 forced shorts to give up and a drift back up to the crime scene where the original strong selloff reaction started. Once the crime scene was tagged, renew selling showed up and forced price straight down. Closed the week below Y-0 and near week low.
Outlook
The weekly level consolidation continues. On one hand Y-1 is proven to be important support. On the other hand, B+1 is very important resistance now. Price will be trapped inside this range with very wild swings in between because size players are not willing to risk at price levels in-between.
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