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USDCAD Nov 16 to Nov 20 Outlook
Lawrence’s Comment
Bull flag pullback follow with test of Y+1. Strong reaction against Y+1 yet holding the bull flag resistance / channel top. Closed the week near Y+1 and above midpoint.
Outlook
Consolidation week with 50% range and close near Y+1 is mildly bullish. Main issue is that there is a lot of money at stake around this level for which a breakout to the upside means 1.35 and 1.40 in play. The longer term players will determine the outcome. Day traders should focus on hourly and lower timeframes to ride along with the big boys.
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