Recap Y-1 FBO led to a bounce back up to resistance below Y-0. 2nd attempt at Y-1 gave us a clean drop to below Y-2 and 100% absolute range expansion and bounced from there. Closed the week below Y-1 and above midpoint.
Outlook Breaking down from daily support down to weekly support. Strong reaction at weekly support suggest that potential bottom building in progress on weekly level. Expect more sideway actions and resistance at Y-1 / B-0 zone. If Y-1 turning into support and B+1 is cleared, upside target B+2.
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
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
Moved higher as expected. Target of above Y+2 reached and a rounding top was formed. End of week selloff brought ninja back down. Closed the week above Y+1 and ...
USDCAD Feb 08 to Feb 12 Outlook
Lawrence’s Comment
Y-1 FBO led to a bounce back up to resistance below Y-0. 2nd attempt at Y-1 gave us a clean drop to below Y-2 and 100% absolute range expansion and bounced from there. Closed the week below Y-1 and above midpoint.
Outlook
Breaking down from daily support down to weekly support. Strong reaction at weekly support suggest that potential bottom building in progress on weekly level. Expect more sideway actions and resistance at Y-1 / B-0 zone. If Y-1 turning into support and B+1 is cleared, upside target B+2.
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