Trading Edges That Last
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Lawrence's Comment Recap Quiet start like other pairs until FOMC news shock. Y+2 usual upside target blocked the upswing. Closed the week above Y-0 and below midpoint. Outlook Loonie rejected the upside decisively.As long ...READ MOREFor 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 scheduleREAD MOREIntraday Cycle Projection (USDCAD) 2012-01-063DP Odds Table (USDCAD) 2011-04-19Precog Vision – Forex 2023-3-10USDCAD Oct 04 to Oct 08 Outlook3DP Odds Table (USDCAD) 2015-09-07Precog Vision – Forex 2019-6-4USDCAD Dec 23 to Dec 27 OutlookPrecog Vision – Forex 2014-2-7GBPUSD Jan 08 to Jan 12 OutlookIntraday Cycle Projection (USDCAD) 2013-05-17
As Featured In
USDCAD Aug 19 to Aug 23 Outlook
Lawrence’s Comment
Expected a retest of the support zone below Y-1 but loonie just refused to get there. Popped right off previous week close and back up to Y-0. Then reacted violently back down yet bounced off from a higher low and keep trying to push higher. Closed the week above midpoint and below Y-0.
Outlook
Not quite spike and ledge pattern. Not a properly formed double bottom either. Messy setup going into next week.
Considering only chart pattern, we have a bear flag / ledge type formation that points to continuation. Since this pair had a drop from Y+1 down to Y-1 before entering this consolidation, the continuation move points to below B-2 down to Y-2.
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