Recap As oppose to holding above Y-0. Canadian dollar moved with its other metal currency pairs gaining strength over USD.
The failure to hold above Y-0 points to the target of Y-2 in play according to STOPD and it played out as expected.
Outlook Since loonie is moving with its metal complex, it means it is a pure gold/oil play reflected in these currencies. Focus on gold for the direction of loonie in this week.
USDCAD Jul 04 to Jul 08 Outlook
Lawrence’s Comment
As oppose to holding above Y-0. Canadian dollar moved with its other metal currency pairs gaining strength over USD.
The failure to hold above Y-0 points to the target of Y-2 in play according to STOPD and it played out as expected.
Outlook
Since loonie is moving with its metal complex, it means it is a pure gold/oil play reflected in these currencies. Focus on gold for the direction of loonie in this week.
The first likely bottom is Y-3 early in the week.
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