USDCAD Feb 06 to Feb 10 Outlook

By News Robot

Lawrence’s Comment

Recap
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.

Share

  • You must be logged in to comment. Log in