USDCAD Mar 05 to Mar 09 Outlook

By News Robot

Lawrence’s Comment

Recap
FBO (false breakout) early in the week gave us Y-1 as the downside target. That worked out quickly and tagged Y-2 before the pair can find support. Closed the week below Y-1.

Outlook
The FBO caught me by surprise as we have a pretty bullish setup in the beginning. The rest of the week is just pure STOPD swing.

This downside swing has created doubt in many whether US dollar can hold its ground anymore against Loonie.

Should B-0 acts as resistance and produces a 1-2-3 sell breaking B-1, this support zone will be destroyed. Next weekly/monthly support zone below is quite far away.

Need PA confirmation from the coming week to decide whether to stay bullish long term on this pair.

Share

  • You must be logged in to comment. Log in