Canadian Dollar Explodes Higher
The Canadian Dollar had another nice up day. I sold a bit more of my long position today at the close. I am now holding 50% of my original position.
This move up is beginning to look a little parabolic so I want to make sure I lock in profits but at the same time allow for further gains, that's why I've been taking some money off the table into this rally.
The cycles forecasted a nice rally and that's exactly what we are getting. We'll see where it goes from here.
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3 comments:
Kevin,
I realize this is not on CAN, however, since you know something of FOREX... if the Japanese equities market takes off - what will happen to the U.S. market? Will it have the same affect as if the YEN exploded north?
I was just looking at the iShares for Japan (ewj) and it actually looks like it could turn bullish - to me, at least...
Thanks for any comment,
Dave
I don't think EWJ has as much of an influence as the Yen has on our stock market.
I will say EWJ is forming a symmetrical triangle right now. We might see a nice move when it breaks out of this formation but I don't think it will affect our stock market.
Thanks for you thoughts, Kevin.
Dave
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