Monday, August 04, 2008

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!

No comments:

DISCLAIMER

This site may include market analysis. All ideas, opinions, and/or forecasts, expressed or implied herein, are for informational purposes only and should not be construed as a recommendation to invest, trade, and/or speculate in the markets. Trading and investing involves high levels of risk. Any investments, trades, and/or speculations made in light of the ideas, opinions, and/or forecasts, expressed or implied herein, are committed at your own risk, financial or otherwise.
 
Google
Technorati Profile Finance Blogs - Blog Top Sites