Recap Y-1 support consolidation created a breakout play. Breaking above led to a surge to measured move target above Y+1. Closed the week above Y+1 and near week high.
Outlook 2nd push higher with strong resistance above at B+1 / Y+2. Clearing Y+2 quickly will lead to a quick run to B+3.
Lawrence's Comment
Recap
Aussie tried to hold above Y+1 but failed. That opened the door to Y-1 retest. Got the retest done and bounced off since. Closed the week above midpoint and ...
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Lawrence's Comment
Recap
Test of B-1 as expected. That did not hold so we got Y-2 normal continuation target. Y-1 then turned into resistance and gave us another push lower. Closed the ...
USDCAD Jul 28 to Aug 01 Outlook
Lawrence’s Comment
Y-1 support consolidation created a breakout play. Breaking above led to a surge to measured move target above Y+1. Closed the week above Y+1 and near week high.
Outlook
2nd push higher with strong resistance above at B+1 / Y+2. Clearing Y+2 quickly will lead to a quick run to B+3.
Consolidation below resistance more likely.
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