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USDCAD Mar 07 to Mar 11 Outlook
Lawrence’s Comment
Feb close did not even attempt to hold up at Y-1 and slided to 50% downside expansion target at Y-2. The bounce was stopped right at Y-1 with strong reaction confirming the weaknesses. Closed the week below midpoint.
Outlook
As mentioned last week, Canadian dollar chose to close lower means monthly STOPD levels in play. As long as Y-1 to B+2 acting as resistance zone, more downside moves are expected. Y-3 (not shown in chart) is the likely first target as it is also the monthly target area.
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