Canadian Dollar Breaks Down

I've been watching the Canadian Dollar closely over the last several weeks because of the lengthy consolidation that has taken place. Usually such sideways price action precedes a trending move.

Above is a weekly chart of the Canadian dollar and you'll notice in the lower panel the very low ADX reading. Many times when a market moves sideways and the ADX goes below 15, a major trend is about to take place.

In my opinion I think the C-dollar is about to make a significant move to the downside. We'll see what happens!