Trading Edges That Last
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USDCAD Oct 29 to Nov 02 Outlook
Lawrence’s Comment
Consolidated around Y+1 at 50% range. Standard response after a quick run up. Closed the week above Y+1 and midpoint.
Outlook
That at par zone has been a trouble zone for some time now. Clearing that will be a big win for US dollar and so far the weekly pattern supports that. But the implication is that crude oil and gold are going to be punished is quite contradictory to what I see in those 2 markets.
Hence, I will be very cautious if we see a quick breakdown below B-0 after B+2 is tagged. That can mark the end of this leg up with 1st down side target at B-2.
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