Trading Edges That Last
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Lawrence’s Comment
Cosolidated in Y-0 to Y+1 as expected. Then news shock came and a squeeze took the pair up to Y+3. Stalled from there since. Closed the week near Y+2 and above midpoint.
Outlook
As noted last week the long standing range for Loonie is 1.08 to 1.10. Clearing that and staying above has long term implication for the Canadian economy.
For now, a retest of the break out price near Y+1 is likely as the short squeeze was not as strong as it could be. Holding Y+1 to B-0 area by end of this week will point to more upside coming.
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