USDCAD Oct 28 to Nov 01 Outlook

By News Robot

Lawrence’s Comment

Recap
Expected to see lower price and we got that. It turned into a FBO against Y-1 which triggered the Y+1 target. Y+1 only offered a pause. Closed the week at Y+2 and near week high.

Outlook
I thought Loonie would slow down its pace at the previous consolidation zone. I did not expect the strong reaction at the support. That confirmed higher timeframes continue to support strong US dollar against Loonie.

This week, as long as Y+1 acting as support, more upside should not be a problem. 1.08 was the last important magnet up there. Give them an excuse, that will be the next upside target.

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