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The Loonie Heads South for the Snowbird Season

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Given the current chart for the Canadian Dollar, migrating snowbirds might want to exchange some loonies for some sawbucks very soon.  The Canadian Dollar continues to hit resistance above the $1.02 level.  It had a rough week chart-wise, forming a big red bar on the Elder Impulse System chart.

On the other hand, the US Dollar is strengthening, breaking to the upside compared to the Yen ($XJY), the British Pound ($XBP), the Euro ($XEU), and the Loonie ($CDW).

$CDW 20121019

Commodities have a rough time whenever $USD is strong which is one reason that Gold behaved poorly on Friday.  Even so, mining stocks held up well.  We'll see if that remains true next week.

Good Trading,
Greg Schnell, CMT

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Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is also the author of Stock Charts for Dummies (Wiley, 2018). Learn More
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