USDCAD Sep 16 to Sep 20 Outlook

By News Robot

Lawrence’s Comment

Recap
Got more downside as expected. 50% range of previous wide range week is quite normal. Almost tagged Y-2 before finding support. Closed the week below midpoint and Y-1.

Outlook
Earlier part of the week was a structured down channel on hourly that cannot last. Snapping out of the channel does not turn this pair bullish. As long as B-1 acting as support, there is a good chance B-0, Y-1 and then B+1 will be tagged in 1 up swing.

B+1 is strong resistance. Reaction there will determine if Loonie is going par or not.

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