Enter your emailAt this point in time we'll continue to see a lot of noisy behavior, but it certainly looks as if we are favoring the downside.
That being said, it makes a certain amount of sense that the Canadian dollar would strengthen, especially as Jerome Powell babbled in front of the U.S. Senate and sounded a bit more dovish than I think a lot of people had hoped.The fact that the candlestick is closing towards the very bottom of the range is of course a very negative sign and typically means there is going to be a significant amount of follow-through.
. That being said, I think the market probably continues to see a lot of the selling pressure to reach below there as well. In fact, we could drop all the way down to the 1.2350 region and simply be consolidating from a longer-term standpoint. I think at this point in time we continue to see a lot of noisy behavior, but it certainly looks as if we are favoring the downside.
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