• 7 hours Trump Was Right About The Dollar
  • 10 hours Is Silver Gearing Up For A Rally?
  • 13 hours World’s Largest Hedge Fund Turns Bullish On Gold
  • 15 hours It’s Time To Spend More On Clean Energy R&D
  • 1 day Contrarian Investors Are Beating The Stock Market
  • 1 day Bulgaria’s Revenue Agency Falls Victim To Biggest Cyber Heist In History
  • 2 days Amazon Faces European Union Anti-Trust Probe
  • 2 days Commodities Are Having A Stellar Year
  • 2 days Bezos’ Next Big Project Could Be Worth $100 Billion Per Year
  • 2 days 3,600 Years Later, Climate Change Turns Mammoths Into $40M Market
  • 3 days Tesla, Apple Claim China Is Stealing Intellectual Property
  • 3 days EV Giants Duke It Out For Battery Dominance
  • 3 days Tech Billionaire Takes Aim At Google
  • 3 days Chinese Police Bust Largest Ever Illicit Crypto Mining Operation
  • 4 days Expect A Pullback Before Gold's Next Major Rally
  • 4 days Why Interest On Gold Matters
  • 4 days Ten Extravagant Food Items For The Wealthy Only
  • 5 days Why Saudi Arabia Won't Give Up On The Aramco IPO
  • 5 days $32 Million Crypto Heist Halts Tokyo Exchange
  • 6 days Is A Gold Selloff Looming?
Market Sentiment At Its Lowest In 10 Months

Market Sentiment At Its Lowest In 10 Months

Stocks sold off last week…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

Dan Norcini

Dan Norcini

Dan Norcini is a professional off-the-floor commodities trader bringing more than 25 years experience in the markets to provide a trader's insight and commentary on…

Contact Author

  1. Home
  2. Markets
  3. Other

Oh Oh Canada!

FOMC and Oil. That double whammy was too much for the Cando in today's session as the currency broke down into a fresh ELEVEN YEAR LOW. Though it too did manage to bounce off the session lows as the US Dollar experienced a round of selling pressure, the Cando still ended the day lower. Currently in Asian trade, it is trading lower again.

Canadian Dollar Monthly Chart
Larger Image

As of yet, the currency shows no sign of halting the steep decline that has been ongoing since early 2011. Based on the long term chart, there looks to be some psychological downside support just above the .70 level. If the unit failed to hold there, it is not a stretch of the imagination to expect it to visit the .66 level or even lower.

Looking in a bit closer at the Weekly chart, you can see that the bears still have control of this market with the currency on course for another poor finish to end the week.

Canadian Dollar Weekly Chart
Larger Image

I have said it many times here - the fortunes of the Canadian Dollar are tied directly to the fortunes of the broad commodity sector and even more directly to the price of crude oil. As long as oil remains weak, expect the Cando to remain weak as well.

There have not been a lot of markets that have exhibited well behaved trending moves. This currency has been the exception with a solid downtrend in place and moves higher being of short duration. Must be Manipulation Eh?

 

Back to homepage

Leave a comment

Leave a comment