The Canadian Technician

The Canadian Dollar Finds The Drain, Like So Many Before

by Greg Schnell

The Canadian Dollar ($CADUSD) continued its slide today. However, this may have broader implications for commodities as well. The previous times when the Canadian Dollar fell below the 200 DMA (red vertical lines), oil was already proceeding lower but continued down for multiple months.  The Canadian Dollar ($CADUSD) is also jumping on board a trend seen on many major currency pairs to the US Dollar. Below is the Euro ($EURUSD) which has a heavy weighting in the US Dollar Index ($USD). We can see this broke the uptrend line that started last fall.  Read More 

The Canadian Technician

Oil Bubbles Above $52 - Webinar Skim 2016-10-18

by Greg Schnell

Crude Oil continues to drift higher. The Texas Tea bubbled over $52 this morning on the December contract as the front month expires tomorrow. I have shown the breakout on this Crude tracking ETF (USO) chart. The USO has negative drift so the peak back in June that it was tracking was not quite $52. You can see this morning's push above $52 looks a little lower on the ETF. On the West Texas chart itself, we are a lot closer to June highs and the price action is breaking above. This is a new 52 week high for crude oil!!! Read More 

The Canadian Technician

$TSX Struggles At Long Term Resistance

by Greg Schnell

The $TSX has struggled to break through 15000. I have drawn a line at the recent high of 14850. The 20 WMA does a pretty good job of supporting the $TSX. In the zoom box, we can see the last two weeks have been supported by the 20 WMA in blue. If this rolls over and closes below 14500, a test of 14000 is likely. This is near the 40 WMA level and a major support/resistance level around 14000. With the RSI still signaling a bull market, this might just be a pullback. However, the PPO has rolled over from a pretty high level now. Be very careful about Read More 

The Canadian Technician

Moving Averages and Trend Lines Suggest ... Webinar Skim 2016-10-04

by Greg Schnell

One thing we continue to use technical analysis for is the balance between emotion and the market. When the market is roaring, we need to be a part of it. We also need to be aware of when the market is in an exaggerated state. Conversely, when the market feels just horrible, it presents some of the best buying opportunities. Using technicals to help understand where we are in the market extremes is important.  One of the indicators we use at StockCharts is the Bullish Percent Index. For more information on the Bullish Percent Index, click here for the ChartSchool Article. A Read More 

The Canadian Technician

Gold's Boat Doesn't Float (GLD)

by Greg Schnell

Gold (GLD) was down hard today. This move was particularly important as GLD broke through support. Through the last eight months, GLD did not outperform the $SPX. The big push to new three-month lows does not suggest any strength showing up yet. Investors probably have some time, probably 2-3 weeks to look for gold names. I will be talking about the Canadian Market on the Canadian Technician Webinar 2016-10-04. You can join me at 5 ET. If you can't catch the show live, please check this link for the recordings. StockCharts Webinar Archives. Good trading Read More