Canadian Dollar - Update
The Canadian Dollar appears to have broken out of its descending triangle but I remain bearish as long as prices stay below point A. In my opinion this currency is still in a downtrend and continues to make lower highs and lower lows. Until this pattern is broken (lower highs and lows) I will remain bearish.
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3 comments:
if USD index's bear rally is over, that would be OK. If USD has topped, then canadian may break UP.
Hi Kevin,
I was wondering what your opinion of the etf HDD on the TSX. It shorts the USD in Canadian funds, but doesn't seem to be performing well even now as the USD is declining. Can you see any reason for this descrepency? Thanks and I enjoy your posts as always.
Chris
Fundamentally thinking - As the US goes into quantitative easing to prevent deflation and recapitalise dodgy institutions this will debase the dollar literally and in terms of confidence (not to mention the Madoff effect). As always the charts guide my timing and I'll use your point A as an entry point into short USD.
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