Canadian Dollar Moving Sharply Higher
For weeks I've been forecasting and posting about a big rally coming in the Canadian Dollar. Today the C-Dollar surged to a 2 week high and is not far from making a 2 month high. Unfortunately I took my long position off 2 weeks ago when the ECB and a few other banks were meeting and I never got back in.
If I'm right about my cycles and the commercial traders, this market should go a lot higher. So far the analysis is right on target, but my trading of this currency couldn't have been worse.
The Australian dollar also broke out today making multi year highs. See yesterday's post for a chart of this currency.
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![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_4.gif)
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_4.gif)
![[Most Recent Exchange Rate from www.kitco.com]](http://www.weblinks247.com/exrate/24hr-euro-small.gif)
2 comments:
Australian equities are holding up extremely well during this 'correction'. It's only corrected ~3% if I'm not mistaken. It's held above the 50day EMA for most of this correction, and the 5 + 21 day EMA are all turning up.
Supposing 5800 on the all ords holds (triangle formation), it's going to be at all time highs soon. :)
What do you think is the probability that the correction will continue on the All Ords, considering that the US markets are close to their 'bottom' already. If it does continue, it seems it'll have a lot of room to fall => 5470.
I haven't had a chance to look at the ALL Ords...Rather than make up an answer, I'll take a look when I have some time.
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