Based on my previous analysis posted on April 9th, it does look as if the Canadian has in fact broken out to the downside. With the Negative correlation between Equities and the Canadian, I can see a test against a low set back on Jan 6th 2009 at 1.1755, which it hit this morning. However, due to the continued run up in equities and the target of 950 looming (S&P), this support level may be a wet paper bag, thus pushing the Canadian down to the 1.1530 Fib level. With a possibility of hitting the low set in November 5th 2008 at 1.1458. Your feed back in much appreciated.
The USDCAD seems to be teetering on the brink of a downside breakout drawn from mid Oct 2008...even though Canuck economic data seems to be negative for the currency, equities seem to be propping up the CAD. If the S&P continues to rally, at least to the 875 level, the loonie looks like a possible 1.1990 candidate?
Try publishing this in the UK weekend papers: Traders bet BankofEngland will raise rates to 6.25% --highest since 1… https://t.co/GWXrTEAk4R(10 months ago)
Poor start to a slow market day as Ezone PMIs disappoint. Im still keeping an eye on the rare (-2%) USD-GOLD combo,… https://t.co/UyRzWsRbs7(10 months ago)
-5% YTD is not good, while -7% from the year highs can be tough. Gold traders have their eyes fixated on this for n… https://t.co/NV5UMKsfNo(10 months ago)
ما وراء هبوط الدولار مع الذهب و من منهما يتمكن الارتداد؟
موعدنا الآن في غرفة شركة إكس أم لجلسة الأسواق
https://t.co/Y7tD0RxCS2
@XM_COM (10 months ago)
Jobless claims > 300k before next FOMC meeting would be ideal for Fed to make up for any CPI upside surprise (10 months ago)
"Cook & Eat at Home" scheme may come next to defeat UK inflation... (10 months ago)
Earlier in the week gold selloff was attributed to smaller than exp China EASING. Metal is now holding v well despi… https://t.co/ZW9cmXTPWW(10 months ago)
Dax 200 DMA Deviation
You remember we went short Dax40 in late March based on the 13% 200 DMA extension, which gave us at least a 500-pt gain.
View Hot-Chart..
Based on my previous analysis posted on April 9th, it does look as if the Canadian has in fact broken out to the downside. With the Negative correlation between Equities and the Canadian, I can see a test against a low set back on Jan 6th 2009 at 1.1755, which it hit this morning. However, due to the continued run up in equities and the target of 950 looming (S&P), this support level may be a wet paper bag, thus pushing the Canadian down to the 1.1530 Fib level. With a possibility of hitting the low set in November 5th 2008 at 1.1458. Your feed back in much appreciated.
Thanks
The USDCAD seems to be teetering on the brink of a downside breakout drawn from mid Oct 2008...even though Canuck economic data seems to be negative for the currency, equities seem to be propping up the CAD. If the S&P continues to rally, at least to the 875 level, the loonie looks like a possible 1.1990 candidate?
Thanks