Trading Edges That Last
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Lawrence's Comment Recap Bearish bias played out well last week. Normal breakdown play target Y-3 tagged and acted as support. Price consolidated since. Closed the week near Y-2 and midpoint. Outlook Situation ...READ MORELawrence's Comment Recap Continued with the march to above 82. Y+2 tagged with mild pullback. Closed the week below Y+2 and above midpoint. Outlook Next upside target is 86. Ninja is at a ...READ MOREFor 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 scheduleREAD MOREFor 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 scheduleREAD MORE3DP Odds Table (USDCAD) 2013-09-23Precog Vision – Forex 2021-10-7Dow 30 Jul 06 to Jul 10 OutlookUSDJPY Nov 26 to Nov 30 Outlook3DP Odds Table (USDCAD) 2022-04-073DP Odds Table (USDCAD) 2011-05-10Precog Vision – Forex 2017-10-9GBPUSD Feb 01 to Feb 05 Outlook3DP Odds Table (USDCAD) 2017-05-25Precog Vision – Forex 2016-4-29
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USDCAD Jun 03 to Jun 07 Outlook
Lawrence’s Comment
Pushed above Y+1 following the up channel play but failed to hold above Y+1. That set the stage for a test of Y-0. Broken the channel to the downside later and flushed to Y-0. Y-0 acted as support and forced a retest of the channel bottom from below. Closed the week below Y+1 and around midpoint.
Outlook
Snapped out of original upchannel to the downside does not mean that price will go lower from here quickly. The zone B-0 to Y+1 must act as resistance and produce a break of B-0 first. That will give us the B-2 / Y-1 down side target.
Not a major selloff in the making. The multiple week rally is too strong for a major selloff. Longer term outlook is still bullish for the pair to go higher.
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