Trading Edges That Last
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USDCAD Oct 13 to Oct 17 Outlook
Lawrence’s Comment
Pullback as expected but not the consolidation type. First move back down to Y-0 pierced thru decisively triggered the Y-1 target. Eventually price moved near Y-1 and bounced. Closed the week above Y-0 and midpoint.
Outlook
Last week is a wild consolidation week as it is still an inside week. Closing near midpoint added to the uncertainty. Normal consolidation will lead to continuation so a test of Y+1 is expected. If Y+1 is cleared, we are looking for B+2 in one go.
Failing at Y+1 implies a potential double top on daily level in the making where a more significant pullback can send this back down to at least Y-1.
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