Recap Just like ninja, support zone failed to produce a low. Door to Y-1 opened. Y-1 target zone reached and the drop stalled. Closed the week below Y-0 and near week low.
Outlook Inside week with close near the bottom of the range is bearish. A test of Y-1 is likely. Spiking through is also likely.
If reaction to the spike through is a quick snap back above, there is a good chance for a run back up to B-0 again.
Lawrence's Comment
Recap
No further sell off, just jawboning from ECB and Fed to pop the pair. It is expected and obviously has been sold into at Y-0. Closed the week ...
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
USDCAD Jun 16 to Jun 20 Outlook
Lawrence’s Comment
Just like ninja, support zone failed to produce a low. Door to Y-1 opened. Y-1 target zone reached and the drop stalled. Closed the week below Y-0 and near week low.
Outlook
Inside week with close near the bottom of the range is bearish. A test of Y-1 is likely. Spiking through is also likely.
If reaction to the spike through is a quick snap back above, there is a good chance for a run back up to B-0 again.
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