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).
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
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
Learn More
