Loonie produced a couple of volatile whipsaws last week. It sold off 100 pips on the FOMC but recouped those losses in the next hour. On Friday morning it fell more than 150 pips, broke FOMC low and traded down to almost 1.30. That fall was then completely reversed and some on Friday afternoon.

The pair posted a hammer-like outside day candle on the daily chart and a hammer on the weekly chart, but validity of these reversal patterns in a broadly ranging environment is questionable. The pair appears to be heading back down at the moment but the direction will depend on oil prices and risk sentiment.

Translate to English Show original

Since you are not logged in, we don't know your spoken language, but assume it is English
Please, sign in or choose another language to translate from the list.

– or –